The Ardonagh Group, the London-based independent insurance distribution platform, announced that PSC Insurance Group Ltd.’s shareholders voted in favor of its proposed acquisition.
The transaction, which is valued at A$2.3 billion (US$1.6 billion) and was ffirst announced in May 2024, is expected to close on or about Oct. 11, 2024.
Ardonagh said the deal will strengthen its global position in the retail, specialty and wholesale broking markets to deliver greater scale and efficiency benefits to clients, insurers, brokers and agencies.
David Ross, CEO of The Ardonagh Group welcomed the support from PSC shareholders.
“The support from PSC shareholders highlights the sound rationale in merging these two leading businesses,” Ross commented. “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.”
“PSC was started with just five people 18 years ago. We are proud to have reached this milestone and thankful to the colleagues who have been on this remarkable journey with us as we built trust and equity in the market,” according to PSC Chairman Paul Dwyer.
“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 colleagues and clients with Ardonagh globally.”
The scheme is subject to approval by the Federal Court of Australia at a hearing scheduled for Oct. 1, 2024. The transaction is expected to close on or about 11 October 2024.
Ardonagh said further information on the acquisition can be found in the Scheme Booklet.
PSC is a diversified insurance services group that operates brokerage businesses and underwriting agencies, under more than 40 trading brands — primarily in Australia, the United Kingdom, Hong Kong, and New Zealand. It employs 900 people and manages more than A$2.59 billion (US$1.8 billion) in global gross written premium.
Source: Ardonagh
Topics Mergers & Acquisitions Australia
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