The Ardonagh Group, an insurance broking platform, has closed the deal to buy PSC Insurance Group, marking a significant expansion in the Asia–Pacific (APAC) region.
This move combines PSC’s operations in Australia and New Zealand with the Envest Group, Ardonagh’s existing platform in the area, under the leadership of CEO Greg Mullins.
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In May this year, Ardonagh signed an agreement for the acquisition of PSC Insurance Group, valuing its equity at A$2.25bn.
The merger creates one of Australia’s top privately owned insurance distribution networks, with an annual gross written premium placement of A$3.3bn.
PSC’s portfolio of broking and managing general agent brands, including names such as Paragon and Carrolls, will enhance Ardonagh’s specialty and advisory capabilities in both wholesale and retail broking within the UK.
Paul Dwyer, the founder and chairman of PSC Group, has joined Ardonagh’s senior management team.
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By GlobalDataAs part of the deal, Ardonagh has absorbed 900 new employees along with hundreds of authorised representatives from more than 40 trading brands spread across Australia, Bermuda, Hong Kong, Ireland, New Zealand, the UK and Vietnam.
Ardonagh Group CEO 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.”
The acquisition process was formalised under the Corporations Act 2001 with the Federal Court of Australia’s approval on 1 October 2024, and the transaction was implemented on 11 October 2024.
The scheme involved the acquisition of all issued ordinary shares in PSC Insurance Group, traded on the Australian Securities Exchange (ASX) under the ticker PSI.
The integration of PSC’s Australia and New Zealand operations with Envest is expected to position Ardonagh as a leading force in the insurance distribution sector in Australia.
Dwyer’s senior leadership role will be focused on driving growth and fostering the development of the Group’s APAC and UK Specialty platforms.
