The Ardonagh Group, the London-based independent insurance distribution platform, announced it has completed the A$2.3 billion (US$1.6 billion) acquisition of PSC Å˽ðÁ«´«Ã½Ó³» Group Ltd.
The completion of the acquisition in the APAC region sees PSC’s operations in Australia and New Zealand now combined with The Envest Group, Ardonagh’s platform in the region, led by CEO Greg Mullins.
The combined entity becomes one of Australia’s leading privately owned insurance distribution players, placing A$3.3 billion (US$2.2 billion) in gross written premiums annually. PSC’s global suite of broking and MGA brands, including Paragon and Carrolls, strengthens Ardonagh’s leading specialty and UK advisory platforms in wholesale and retail broking position.
The deal was first announced in May 2024 and was completed on Oct. 11.
“PSC’s success has been defined by client focus and entrepreneurial thinking. We are fortunate to now have these threads sewn across our regional platforms as we continue to unlock value for customers through the connectivity of our global broking group,” commented Group Chief Executive David Ross.
“Ardonagh together with PSC is a dynamic combination, and we are thrilled to welcome our new colleagues on board today,” he added.
PSC Group Founder and Chairman Paul Dwyer joins the group senior management team. Dwyer will be actively involved in the APAC and the UK Specialty platforms, providing strategic leadership and advice to integrate and grow the combined businesses.
Ardonagh welcomes 900 new colleagues and hundreds of authorized representatives from more than 40 trading brands across Australia, the United Kingdom, Ireland, Hong Kong, Vietnam, New Zealand, and Bermuda.
“On behalf of the PSC board of directors, I would like to express my gratitude to colleagues for their contribution to this successful venture over the past 18 years and for their unwavering dedication to clients throughout this process,” according to Dwyer.
“With so many incredible PSC teams joining the Envest venture today, we have all the ingredients to deliver enhanced value to clients and provide countless opportunities to excel for talented individuals across the insurance industry,” said Mullins. “Our core objective now is to bring the best of both our worlds together as we continue supporting Australasian businesses to thrive and grow.”
Source: Ardonagh Group
Topics Mergers & Acquisitions Australia
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