Ardonagh poised to acquire PSC Insurance Group in landmark $2.3bn deal
Ardonagh has announced plans to acquire the PSC Insurance Group for almost A$2.3 billion.
In a move set to reshape the landscape of the insurance broking industry, London-based independent insurance distribution platform Ardonagh has announced plans to acquire the PSC Insurance Group for almost A$2.3 billion.
Ardonagh will solidify its position as one of the world's largest independent insurance broking platforms if this deal goes through. Ardonagh's vision extends beyond mere acquisition, with plans to merge PSC's Australia and New Zealand operations with Envest Pty Ltd, a previous acquisition, positioning itself as a major player in the Australia and New Zealand insurance distribution sector.
Greg Mullins, CEO of Envest Pty Ltd, is slated to helm the combined operations for Australia and New Zealand. Meanwhile, PSC's UK operations will merge into Ardonagh Specialty and Ardonagh Advisory, fortifying the Group's foothold in the UK wholesale and retail broking segments.
David Ross, CEO of The Ardonagh Group, said: "The acquisition, which has secured the unanimous recommendation of PSC's board, is a significant milestone in the global growth of Ardonagh and underlines our strong commitment to the markets we serve."
Paul Dwyer, who founded PSC in 2006 and is the current Chairman, will join the Ardonagh senior management team upon completion of the deal and work closely with the leadership teams in Australia and Ardonagh Specialty to integrate and grow the combined businesses.
"Today marks an important day in PSC's history," said PSC Chairman Paul Dwyer.
"This transaction recognises the quality and strength of PSC's people and business that has developed over the last 18 years. We believe this transaction maximises value for PSC shareholders while also providing an excellent platform for growth for PSC employees and clients."
The Ardonagh Group places over A$23 billion in premiums globally on behalf of its clients and operates in 30 countries.