Ardonagh completes acquisition of PSC Insurance Group
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- Ardonagh will merge PSC’s Australia and New Zealand operations with Envest, becoming one of Australia’s leading insurance distribution platforms placing A$3.3 billion in gross written premium annually.
- PSC Group Founder and Chairman Paul Dwyer will strengthen Ardonagh senior leadership, working across APAC and the UK to grow the Group and drive strategy
- Completion of PSC acquisition and migration of talent complements Ardonagh’s strategic growth platform
The Ardonagh Group (“Ardonagh” or “the Group”), a leading multi-national independent insurance broking platform, confirms it has completed the acquisition of PSC Insurance Group Limited (“PSC”).
The completion of the transformational acquisition in the APAC region sees PSC’s operations in Australia and New Zealand now combined with The Envest Group, Ardonagh’s platform in the region, led by CEO Greg Mullins.
The combined entity becomes one of Australia’s leading privately owned insurance distribution players, placing A$3.3 billion in gross written premiums annually. PSC’s global suite of broking and MGA brands, including Paragon and Carrolls, strengthens Ardonagh’s leading Specialty and UK Advisory platforms in wholesale and retail broking position.
Group Chief Executive David Ross said: “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.”
PSC Group Founder and Chairman Paul Dwyer today joins the Group senior management team. Paul will be actively involved in the APAC and the UK Specialty platforms, providing strategic leadership and advice to integrate and grow the combined businesses.
Following completion, Ardonagh welcomes 900 new colleagues and hundreds of Authorised Representatives from more than 40 trading brands across Australia, the United Kingdom, Ireland, Hong Kong, Vietnam, New Zealand, and Bermuda.
Paul Dwyer said: “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.”
Greg Mullins said: “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 said: “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.”
The Scheme to acquire all of the issued ordinary shares in PSC Insurance Group Limited (ASX:PSI) became effective under the Corporations Act 2001 (Cth) following orders made by the Federal Court of Australia approving the Scheme on Monday 1 October 2024 and implemented on Friday 11 October 2024.
For further information regarding this acquisition, please see our initial announcement on Ardonagh.com or refer to the information provided in the Scheme Booklet.
ENDS
For more information, please contact:
Australia and New Zealand
Peter Brookes
peter.brookes@sodali.com / +61 407 911 389
Jack Gordon
jack.gordon@sodali.com / +61 478 060362
UK and rest of world
Justin Griffiths/ Madeleine Gordon-Foxwell
ardonagh@sodali.com / +44 207 100 6451
NOTES TO EDITORS
THE ARDONAGH GROUP
The Ardonagh Group is one of the world’s largest independent insurance distribution platforms and a top 20 global broker. We are a collection of best-in-class entrepreneurial and specialist brands with a combined workforce of over 10,000 colleagues and a network spanning 200+ locations in more than 30 countries. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain globally. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.
The Ardonagh Group reported pro forma income for 2023 of $1.9 billion and pro forma adjusted EBITDA of $695 million, including completed and committed acquisitions to 20 March 2024. Ardonagh's shareholders are Madison Dearborn Partners, LLC (MDP) and HPS Investment Partners (HPS).
PSC INSURANCE GROUP
PSC Insurance Group Limited is an Australian-based diversified insurance services company. The Company primarily operates in Australia, the United Kingdom, Hong Kong, and New Zealand. It operates through four segments: Distribution, Agency, United Kingdom (International) and Group. The Company’s Distribution segment includes PSC Insurance Brokers, PSC Network Insurance Partners, PSC Life, and PSC Workers Compensation Services. Its Agency segment offers underwriting agencies, including Chase Underwriting, Breeze Underwriting, Chase Travel, and Medisure Indemnity Australia. Its United Kingdom (International) segment includes Paragon International Insurance Brokers, Paragon Bermuda, Carrolls, Breeze Underwriting (UK), Chase Underwriting (UK), PSC UK Insurance Brokers, PSC Europe, and the Hong Kong businesses. The Company’s Group segment includes various investments from non-operating assets.
ENVEST
Headquartered in across Brisbane, Sydney and Melbourne, Envest is a focused insurance distribution business that leverages the power of our people to deliver creative solutions for customers and partners in Australasia. It is the growth platform for The Ardonagh Group in the region.
With over 50 Australian and New Zealand insurance brands, including the Aviso Group, PSC Insurance Brokers, Resilium and 20 specialist underwriting agencies, we provide trusted advice and service to more than 450,000 customers across Australia. Our group employs more than 1600 staff in 65 office locations around the nation.
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