American full-service insurance broker AssuredPartners has announced plans to acquire PSP Group (PSP) to expand its UK operation in the South West.

The financial value of the deal, which awaits regulatory approval, was not disclosed.

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Established in 1981, PSP offers commercial and private line insurance through its offices across the South West, including Somerset, Devon, Cornwall, and Wiltshire.

PSP CEO Bob Parkins will continue to lead the agency’s team. It currently reports $6.5m in annualized revenue and places £22m in GWP.

AssuredPartners UK CEO David Heathfield said: “PSP has a great reputation in the South West and we’re excited about the role that PSP will be able to play in the ongoing expansion of our operations here in the UK.

“PSP has a strong reputation with insurers, businesses and private clients that will make the partnership between our two companies a powerful platform for further growth across the South West and beyond.”

Parkins said: “With a strong parent behind us we are well placed to continue our business plan of strategic acquisitions, attracting new talent and opening additional office locations across the South West.”

PSP’s acquisition comes close on the heels of acquisitions in Birmingham, Chester and Scotland.

Since its inception in 2011, AssuredPartners has acquired over 380 agencies and employs over 8,500 people, which makes it one of the largest independently owned brokers globally.