- Ensurance Australia (ENA) partners with global Insurer, Liberty Mutual Insurance to allow for additional capacity for future growth
- The companies executed a three-year agreement for delegated underwriting authority
- The agreement will see Liberty provide insurance capacity for ENA’s current professional risks profile, as well as additional capacity to enable growth via new products
- The company said this will provide mutually beneficial growth with improved margins and increased capacity
- Shares are trading flat today at 24 cents each
Ensurance Australia (ENA) has partnered with global Insurer, Liberty Mutual Insurance, to allow for additional capacity for future growth.
The companies executed a three-year agreement for delegated underwriting authority.
The agreement will see Liberty provide insurance capacity for ENA’s current professional risks profile, as well as additional capacity to enable growth via new products.
The entire balance sheet of Liberty’s parent company in the US will stand behind the policies underwritten in Australia.
With Australian Prudential Regulation, Liberty must hold sufficient assets in Australia to meet obligations for its Australian operations.
The company said the partnership will provide the strength of a global company.
Chief Executive Officer Tom Kent is pleased with the partnership.
“This is a transformational moment for our Australian division,” he said.
“The signing of this contract forges a path for long-term mutually beneficial growth with improved margins and increased capacity.
“Securing such a high calibre relationship in these uncertain times is a very positive result for the Company. We are excited to bring the global strength of Liberty to our local client base.”
Shares were trading flat today at 24 cents each at 2:40 pm AEDT.