The acquisition is now pending final approval by the Federal Court of Australia. Credit: totojang1977/Shutterstock.

The shareholders of PSC Insurance Group (PSC) have approved its proposed purchase by independent insurance broker Ardonagh Group. 

In May, Ardonagh agreed to acquire Australia-based PSC in a deal worth A$2.25bn.  

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The scheme implementation deed outlined Ardonagh’s offer to purchase all issued ordinary shares of PSC at A$6.19 each, representing a 32.7% premium over PSC’s undisturbed three-month volume-weighted average price. 

PSC, a company with a portfolio of more than 40 brands and international operations, manages A$2.59bn in gross written premium (GWP) and has a workforce of 900.  

Since its inception by Paul Dwyer in 2006, PSC has expanded its reach to include Australia, Bermuda, Hong Kong, Ireland, New Zealand, the UK and Vietnam. 

The Ardonagh Group CEO David Ross said: “The support from PSC shareholders highlights the sound rationale in merging these two leading businesses.  

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“The PSC story and strategy mirrors our own in many ways. Like Ardonagh, this is a business built on entrepreneurial spirit and high-quality teams moving in formation with each other, and we will have much to build on together very soon.” 

PSC chairman Paul Dwyer said: “We believe this deal not only maximises value for PSC shareholders but also offers a strong growth platform for PSC colleagues and clients with Ardonagh globally.” 

The acquisition is now pending final approval by the Federal Court of Australia, with a hearing set for 1 October 2024.  

The PSC board has given its unanimous support to the transaction, which is expected to be finalised around 11 October 2024. 

The merger is expected to enhance Ardonagh’s global standing in retail, specialty and wholesale broking markets, providing increased scale and efficiency for clients, insurers, brokers and agencies.  

Ardonagh aims to combine PSC’s Australian and New Zealand operations with its local entity, Envest, to form an insurance distribution platform with an annual GWP of A$3.3bn. 

Additionally, PSC’s UK operations will be integrated into Ardonagh Specialty and Ardonagh Advisory, strengthening the group’s presence in the UK’s wholesale and retail broking sectors.