Ensurance Ltd’s (ASX:ENA) wholly owned subsidiary Ensurance UK Ltd, has recently executed key partnership agreements, including with Swiss Re Corporate Solutions.
The company has developed a real-time, online digital distribution channel to provide general insurance products of multiple insurers.
Swiss Re Corporate Solutions is the commercial insurance arm of the Swiss Re Group, the world’s second-largest reinsurer.
The exclusive partnership agreement with Swiss Re Corporate Solutions allows Ensurance to offer a range of construction and engineering insurance products across the UK and parts of the EU.
Ensurance is targeting to insure construction and engineering contracts up to £100 million.
Importantly, the partnership allows Ensurance UK to write insurance business up to triple the sum insured amount that most insurance companies can accept.
Ensurance has also partnered with XL Catlin, one of Lloyds’ largest and most prestigious syndicates.
The partnership with XL Catlin will initially provide an exclusive bespoke construction insurance product to high net worth UK domestic clients.
This product, whilst niche, provides Ensurance UK with the ability to expand its clientele from the broker market to the insurer market, essentially attracting insurers as clients.
The company’s agreement with XL Catlin follows the receipt of Lloyds Coverholder Status, allowing it to transact business with Lloyds syndicates.
Ensurance now has two Lloyds coverholder companies, one in the UK and one in Australia, with the authority to issue insurance documents on behalf of Lloyd’s syndicates.