PSC Shareholders Give Green Light to Ardonagh Acquisition
Shareholders of the PSC Insurance Group Limited, have voted in favour of a proposed acquisition by The Ardonagh Group.
Shareholders of the PSC Insurance Group Limited, have voted in favour of a proposed acquisition by The Ardonagh Group. The transaction is expected to close on or about 11 October 2024.
The Ardonagh Group is one of the world’s largest independent insurance broking platforms, and the proposed acquisition of PSC is set to strengthen Ardonagh’s global position in the retail, specialty, and wholesale broking markets.
David Ross, CEO of The Ardonagh Group welcomed the overwhelming support from PSC shareholders and the highlighted the shared culture and values between the two organisations.
“PSC’s culture and values are closely aligned with ours, and its portfolio of complementary businesses offers significant opportunities to enhance our presence in Australia, as well as in wholesale and specialty markets globally. We’re excited to get to work.”
As an Australian-based diversified insurance services company, PSC started with five people 18 years ago and today it employs 900 and primarily operates in Australia, the United Kingdom, Hong Kong, and New Zealand.
PSC Chairman, Paul Dwyer said: “We now look ahead to joining a global team in Ardonagh who share our drive and values. We believe this deal not only maximises value for PSC shareholders but also offers a strong growth platform for PSC employees and clients with Ardonagh globally.”
Ardonagh intends to implement the following:
PSC’s Australia and New Zealand operations will be merged with Envest Pty Ltd which was acquired by the Group in February 2023, becoming one of Australia’s largest privately owned insurance distribution platforms.
PSC’s UK operations will be merged into Ardonagh Specialty and Ardonagh Advisory, consolidating the Group’s position as one of the leading players in UK wholesale and retail broking.
For further information regarding this acquisition, go to Ardonagh.com.