Ensurance Limited (ASX: ENA) invests up to A$1.5M in KOBA Insurance
KOBA is thrilled to announce that Ensurance Limited (ASX: ENA) has made a strategic investment in KOBA Insurance, providing Ensurance with the right to distribute KOBA’s insurance products and invest up to A$1.5 million in KOBA.
Ensurance CEO Tom Kent, who will join the KOBA Board as a Non-Executive Director, said the innovative nature of KOBA’s product offering meant it was extremely well placed to capture and expand market share at a rapid pace.
“This is a hugely compelling investment and growth opportunity for Ensurance, with KOBA’s unique kilometre-based premiums offering the potential to significantly reduce insurance costs for low-usage drivers. With people increasingly working from home, and with a growing focus on reducing car use to minimise carbon emissions, I believe KOBA’s products will be a very attractive offering to a growing number of vehicle owners,” he said.
“KOBA is a progressive, end-to-end insurance platform that uses the data generated by cars to help low-usage drivers save money. This investment represents a strong growth opportunity for Ensurance shareholders and is an exciting addition to the Company’s product suite.”
Read the full press release here.
About Ensurance Limited (ASX: ENA)
Ensurance is an ASX-listed insurance underwriting agency which delivers tailored insurance products underpinned by agreements with leading underwriters. The Company’s traditional intermediated model, in which products are distributed via qualified insurance brokers, continues to be its core growth focus – and the group deals with more than 200 broking businesses and over 1,200 individual brokers around Australia.
Following the recent divestment of UK operations to leading ASX-listed insurance group PSC Insurance (ASX: PSI), Ensurance is focused on growing its Australian operations, both through continued organic expansion of its business and through targeted and strategic business acquisitions, investments and alliances. Read more here: https://www.ensurance.com.au
