PSC Insurance Group scheme becomes legally effective
Further to the announcements on 8 May 2024 and 26 September 2024, The Ardonagh Group
confirms that PSC Insurance Group Limited (“PSC”) has lodged a copy of the orders made by the Federal Court of Australia approving the scheme with the Australian Securities and Investments Commission.
Accordingly, the scheme to acquire PSC is now effective under the Corporations Act 2001 (Cth) and is expected to be implemented on Friday, 11 October 2024.
For further information, please see PSC’s market announcement available
at https://www.asx.com.au/markets/company/PSI.
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/Siobhan McCluskey
ardonagh@sodali.com / +44 (0)20 7250 1446
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.
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