The Ardonagh Group has confirmed it has completed the acquisition of PSC Insurance Group Limited.
As per the insurance broking platform, the completion of this acquisition in the APAC region sees PSC’s operations in Australia and New Zealand now combined with its platform in the region, The Envest Group, led by CEO Greg Mullins.
This combined entity will reportedly become one of Australia’s leading privately owned insurance distribution players, placing A$3.3 billion in gross written premiums annually.
PSC Group Founder and Chairman Paul Dwyer additionally joins Ardonagh’s senior management team, where he will be actively involved in the APAC and the UK Specialty platforms, providing strategic leadership and advice to integrate and grow the combined businesses.
Ardonagh’s Group Chief Executive David Ross commented, “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.”
Paul Dwyer added, “On behalf of the PSC board of directors, I would like to express my gratitude to colleagues for their contribution to this successful venture over the past 18 years and for their unwavering dedication to clients throughout this process. I am delighted to be joining the Ardonagh team with them today as we embark on this next chapter of growth.”
Aforementioned Greg Mullins added, “With so many incredible PSC teams joining the Envest venture today, we have all the ingredients to deliver enhanced value to clients and provide countless opportunities to excel for talented individuals across the insurance industry.
“Our core objective now is to bring the best of both our worlds together as we continue supporting Australasian businesses to thrive and grow.”
Ardonagh Specialty CEO Andrew Wallin commented, “Our standing as the leading independent broker in the London market is further strengthened today as we formally welcome Paragon and Carrolls teams across PSC’s specialty businesses into the fold. We look forward to supporting their continued growth as they harness the scale, expertise and connections of our global broking collective.”
