Australian broker PSC Insurance Group has reportedly acquired Australia-based broking business AR (WA) and Turner Financial Services in the UK.

The company bought the remaining 30% of the holding that wasn’t currently owned by it in these entities for over $7m, the insuranceNEWS.com.au. has reported.

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PSC Insurance Group MD Tony Robinson told the publication: “Both purchases take us to a position of 100% ownership of the offices, and that is generally our preferred ownership structure. Both are well run business and so we are delighted to have the chance to increase our ownership.”

Turner Financial Services is said to be a vital for PSC’s growth strategy in the UK. In 2018, the company obtained a 70% stake in the retail brokerage for £3.96m ($7.1 m) with an option to buy out the rest of the stake in the future.

Reportedly, the outstanding shares were purchased by the company for around $3.4m through UK banking facility.

Robinson was quoted as saying: “Turner is a UK retail business and it is our only business in the UK that is principally focused on retail or prime broking in the small and medium enterprise market.

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“The move to 100% ownership of Turner’s also allows to now start looking at other opportunities in this area which we think is an exciting part of the UK insurance industry.”

PSC obtained a 70% stake in Perth-based AR (WA) following the acquisition of the Australian Reliance group.  The full ownership to the business was bought by the company for around $3.9m.

The acquisition was reportedly financed by PSC’s Australian syndicated banking facility.

Last year, PSC Insurance Group reached an agreement to buy 100% of the share capital of Lloyd’s broker Paragon International for a base consideration of £42m.