The previous business model revolved around a FinTech platform largely driven by a particular group of insurance brokers who were also owners in the business, with a retail aspect to it.
The 'new' [TKSR] business model is based on independence and wholesale distribution to achieve scale and yield profit.
This mirrors the business model of the UK arm of the business, and hence the re-branding.
It would be very confusing for an insurance broker wanting to distribute the UK ENA products if the Aus branch of ENA traded under a different name.
The key thing to be aware of here is that there has never been (and might not ever be again) an entirely independent ASX listed underwriting agency with fully owned subsidiaries in both the UK and Australia.
The opportunity is immense, and this is why it is possible to attract key underwriters such as Nick Beswick from AXA.
Not to mention having a board and major shareholders behind success the stories such as PLS, GRV and TKM.
The story is just beginning, take this as the preface with Chapter 1 being the upcoming quarterly.
ENA Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
