PSC Insurance Group (PSI) has acquired Carroll Insurance Group (CIG), an independent insurance broker in the UK.
Under the agreed terms, PSI purchased 100% of the share capital for around £3.4m, excluding net assets.
Go deeper with GlobalData
Around £2.4m, or 70% of the total amount will be payable in cash. The remaining amount will be payable after 12 months, subject to certain adjustments based on CIG’s revenue.
Operating in the Lloyd’s and London markets, CIG is an 18-member company providing business, home and other form of insurance services.
The acquisition is expected to support PSI’s existing Carroll Holman Insurance Brokers business in London bolstering product portfolio and capabilities.
PSI funded the acquisition through existing cash resources and expects to achieve incremental revenue of around £2m per annum through the deal.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn a statement, PSI noted: “We are delighted to welcome the CIG team to the Group.”
PSC Insurance Group has operations in Australia, the UK and New Zealand. The business has four operating segments with more than 40 businesses across the group.
In July this year, PSI signed an agreement to acquire 100% of the share capital of Lloyd’s broker Paragon International. The transaction was valued at £42m ($52.3m) and was funded by raising money from institutional investors through share placement.
