Thursday, May 24, 2018

Tokio Marine buys 50% stake in eSentry Underwriting

Tokio Marine has acquired 50% of eSentry Underwriting, a specialist underwriting agency based in Australia.

The acquisition further cements Tokio Marine’s position within the Australian insurance Market, said David Boreham, Chief Underwriting and Distribution Officer in Australia for Tokio Marine and a Director of eSentry.

Boreham added that the acquisition is part the company’s ongoing growth strategy in the region and further underpins the insurer’s expansion in 2017. eSentry, established in 2010, is an online insurance underwriting agency that focuses on construction.

Its dynamic system allow brokers to easily administer and transact insurance for the whole life cycle of policies up to AU$15 million contract value.

Boreham said the acquisition is a major milestone for Tokio Marine in Australia’s insurance market.

The company announced its decision in 2015 to expand its presence in Australia.

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