Ardonagh completes acquisition of PSC Insurance Group
Κυριακή, 13 Οκτωβρίου 2024 15:45The Ardonagh Group (“Ardonagh” or “the Group”), a leading multi-national independent insurance broking platform, confirms it has completed the acquisition of PSC Insurance Group Limited (“PSC”).
The completion of the transformational 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 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.
Group Chief Executive David Ross said: “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.
“Ardonagh together with PSC is a dynamic combination and we are thrilled to welcome our new colleagues on board today.”
PSC Group Founder and Chairman Paul Dwyer today joins the Group senior management team. Paul will be actively involved in the APAC and the UK Specialty platforms, providing strategic leadership and advice to integrate and grow the combined businesses.
Following completion, Ardonagh welcomes 900 new colleagues and hundreds of Authorised Representatives from more than 40 trading brands across Australia, the United Kingdom, Ireland, Hong Kong, Vietnam, New Zealand, and Bermuda.
Paul Dwyer said: “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. I am delighted to be joining the Ardonagh team with them today as we embark on this next chapter of growth.”
Greg Mullins said: “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. Our core objective now is to bring the best of both our worlds together as we continue supporting Australasian businesses to thrive and grow.”
Ardonagh Specialty CEO Andrew Wallin said: “Our standing as the leading independent broker in the London market is further strengthened today as we formally welcome Paragon and Carrolls teams across PSC’s specialty businesses into the fold. We look forward to supporting their continued growth as they harness the scale, expertise and connections of our global broking collective.”
The Scheme to acquire all of the issued ordinary shares in PSC Insurance Group Limited (ASX:PSI) became effective under the Corporations Act 2001 (Cth) following orders made by the Federal Court of Australia approving the Scheme on Monday 1 October 2024 and implemented on Friday 11 October 2024.