Ensurance to sell UK operations to PSC Insurance Group
Ensurance, an Australian insurance underwriting agency, has signed a non-binding agreement to divest Ensurance UK Ltd, its UK operations, to PSC Insurance Group for AUD 8.2 million ($5.68 million).
The parties expect to sign a definitive agreement by the end of this month.
Ensurance UK is engaged in operating a construction based underwriting agency business. It has offices in London and Manchester.
According to Ensurance, the transaction is aimed at helping the company to capitalize on its considerable growth opportunities in the Australian market.
Tom Kent — Ensurance CEO said: “Our Australian business is expanding rapidly and we believe there is much more growth to come. We now have a national network of offices and the demand for our specialised insurance offerings, which are backed by leading underwriters, continues to increase.
“We have taken the strategic decision to redeploy the capital from the sale of the UK operations into our Australian business to ensure we can take full advantage of these growth opportunities. We are excited to be carrying out this transaction with the PSC Group, who we value as a key distribution partner of ours in Australia.”
The closing of the deal will be subject to the approval by the Financial Conduct Authority (UK) and other usual closing conditions.