ASX-listed Ensurance has released an update on its UK-based operations, more than a year after the construction and engineering insurance specialist was incorporated in August 2016.
Ensurance UK Limited (EUK), which enabled the group to access global markets, reached a “major milestone” on December 22 after it received approval from UK financial regulator the Financial Conduct Authority (FCA), which made the company “a fully authorised MGA [managing general agency], all less than 18 months since being incorporated,” according to Tony Leibowitz, Ensurance executive chairman.
EUK generated its first cashflow at the start of FY2018, reporting gross written premiums (GWP) of $1.1 million (£614,201.36). It has also signed new terms of business arrangements (TOBA) with 50 out of its target 65 strategic brokers; secured a white label agreement with a private clients MGA; had an in-principle agreement for casualty capacity subject to completion of due diligence; achieved go live with Ebix eGlobal; and entered into an agreed service agreement with British Engineering Services, ENA said in a statement.
EUK was also approved as a Lloyd’s of London coverholder; and has made significant partnerships with Abbey Legal/Markel International and major industry players
Swiss Re Corporate Solutions and XL Catlin.
Another significant achievement for the UK firm has been attracting highly experienced talents.
It recently appointed Jim Connolly as new chief operating officer, to assist in EUK’s growth plans and introduced latent defects and property owners to the Ensurance lines of business. Connolly worked as insurance and risk manager for Canary Wharf Holdings and Land Securities and was most recently construction specialist for
JLT Dubai.
ENA said an exceptional underwriting talent in the property owners and casualty sector is also set to join EUK in early 2018.
The firm moved into its new premises in Philpott Lane, London on December 22.
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