Ensurance has received the Lloyds Coverholder Status for its UK operations and partnered with Swiss Re Corporate Solutions and XL Catlin.
The Australian insurance company said that as part of its global growth strategy, its subsidiary Ensurance UK had executed the crucial partnership agreements.
Ensurance UK was created as a Managing General Agency (MGA) for underwriting and has specialized in construction and engineering insurance to begin with.
Through its new partnership with Swiss Re Corporate Solutions, Ensurance will provide a variety of construction and engineering insurance products in the UK and in certain areas of the European Union (EU). The target for Ensurance will be to insure construction and engineering contracts as high as £100m.
Ensurance UK’s partnership with the commercial insurance arm of reinsurance giant Swiss Re Group would give the security backing to offer the insurance broker sector with its customized UK general insurance products.
The Swiss Re partnership will also enable it to write insurance business that can go as high as three times the sum insured amount that a majority of insurance firms can accept.
Calling the partnership as a significant game changer for the company, Ensurance MD, Stefan Hicks said: “Not only has the company successfully expanded from the Australian market into the UK market in a short period, but by partnering with Swiss Re Corporate Solutions we will now receive significant exposure globally.”
“Swiss Re Corporate Solutions have very few partnerships of this nature globally, and this exclusive agreement has been achieved due to the experienced Ensurance UK team, headed by CEO Tim James, a former director at one of the world’s largest insurers specialising in construction and engineering.”
Ensurance UK, which has just received the Lloyds coverholder status, has partnered with Ireland-based global insurer XL Catlin to offer an exclusive customized construction insurance product to rich UK domestic clients.
Image: An Ensurance subsidiary has inked partnership deals with Swiss Re and XL Catlin in the UK. Photo: courtesy of adamr/ FreeDigitalPhotos.net.