Tokio Marine has announced the acquisition of a 50% stake in underwriting agency eSentry Underwriting
Founded in 2010, the specialist underwriting agency with a focus on construction allows brokers to transact business online for the whole life cycle of a policy.
David Boreham, chief underwriting and distribution officer in Australia for Tokio Marine and a director of eSentry, said the acquisition signals the intent of Tokio Marine to grow in the Australian market.
“This acquisition is part of Tokio Marine’s ongoing growth strategy in the region, and will underpin our sustained expansion in 2017 and beyond,” Boreham said.
“We look forward to continuing to build our presence and reputation in Australia.”
In 2015, Tokio Marine announced their decision to expand their presence in Australia with the launch of their consumer travel insurance subsidiary, World2Cover.
Tokio Marine exclusively underwrite the construction and mobile plant and equipment policies offered by eSentry and Adrian Martin CEO of eSentry, said the stake acquisition highlights a strengthening of this relationship.
“The confidence Tokio Marine has shown in eSentry by taking an equity stake will assist the company in expanding its range of specialist products and allow it to grow its market share in what is a highly competitive sector,” Martin said.
The news follows a busy week in the insurance market with Zurich having agreed a deal to purchase travel insurance provider Cover-More earlier this week.
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