Ensurance Limited (ASX: ENA) is an ASX listed insurance company based in Australia. The company provides special insurance coverage for the construction and engineering sector. With the partnerships with some of the world’s largest insurance providers like AXA XL, Swiss Re, and Lloyd’s, the company could underwrite large wholesale policies on a global scale.
Ensurance UK has been formed as a wholly owned subsidiary of ENA. It is established as an independent Managing General Agency (MGA), which delivers insurance solutions directly to the brokers and insurers in the UK and across Europe.
On 17th May 2019, the company announced its new line of business in the existing insurance space. ENA’s subsidiary, Ensurance UK, had unveiled Terrorism and Sabotage (T&S) Insurance in the UK region.
T&S Insurance is a unique insurance cover designed to protect the businesses from any damage caused by an act of terrorism or sabotage. The policy also includes a wide range of extensions including denial of access, non-damage business interruption, active shooter and loss of attraction. The policy covers damages to buildings, customers, employees and profits of the business.
ENA has appointed two well-known insurance providers as the specialist underwriters for the UK business, with good experience in underwriting terrorism and sabotage insurance. The company has also been able to receive A+ rated capacity to support this product.
After tapping the UK market, the company has plans to launch Terrorism and Sabotage Insurance coverage into the large, growing US market, which would be followed by the Australian market at a later stage.
The product is competitively priced, which would significantly expand the company’s total addressable market through the availability to businesses of all sizes and across all industries. It is also expected to meet strong interest and demand from both new and existing customers.
Key Personnel’s statement
Mr Tony Leibowitz, who is an Executive Chairman of Ensurance, stated terrorism to be a significant threat to individuals, governments and businesses. The company has responded with a competitively priced product that can protect businesses from more sophisticated and nuanced attacks of the current time.
Mr Tim James, who is the CEO of Ensurance UK, said that there is a growing demand for such insurance covers from the construction industry. Though the government-backed funds do not provide the necessary extensions of cover all the time, but the company’s product provides excellent coverage, backed by the security of both Company and Lloyds’ capacity.
Change of Executive Chairman’s Interest
On 14th May 2019, the company announced that Mr Anthony Leibowitz had acquired a total of 532,197 fully paid ordinary shares for a total value of $11,270.48. The transaction took place on 13th May 2019 and was an on-market trade.
The market capitalisation of the company is A$8.22 million, and the EPS stands at A$0.014. The stock has a 52-week high of A$0.052. The stock of the company last traded at A$0.026, (as on 13th May 2019). The last one-year return of the stock is negative 33.3%, and the YTD return stands at negative 21.2%.
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