Following an analysis of its business and key growth drivers, the board of Ensurance has announced that it will adopt a “new strategic direction” that will involve building its operations internationally and the disposal of its Australian retail brokerage businesses.
The news comes days after the resignation of Stefan Hicks, Ensurance’s founder and non-executive director, to “pursue personal business interests” and the appointment of Tony Wehby, former PricewaterhouseCoopers partner and current chair of lithium and gold explorer Kingston Resources, as the firm’s new independent non-executive director.
In a statement on the ASX, Ensurance said it will predominantly act as a managing general agent (MGA) with large insurance capacity lines on a global basis, and will therefore, “apply its resources” to expand its UK operations and its underwriting agencies, and will also “dispose of its Australian retail brokerage businesses,” according to media reports.
In line with this new strategy, the ASX-listed company recently received non-binding proposals for the purchase of its brokerage assets.
“These proposals are in their infancy, with no certainty as to timing and pricing of a potential disposal,” Ensurance’s ASX statement reads. “The board is currently considering the merits of these offers and will announce any material developments to shareholders as they occur.”
