The Ardonagh Group (Ardonagh), the giant UK headquartered broker network, has announced the completion of its acquisition of PSC Insurance Group (PSC). The announcement follows The Federal Court of Australia’s approval on October 1.
According to an Ardonagh media release, the completion means PSC’s operations in Australia and New Zealand are now combined with The Envest Group, Ardonagh’s platform across APAC.
The new combined insurance distribution operation is led by CEO Greg Mullins (pictured above).
The release said the merged firms now form one of Australia’s leading privately owned insurance distribution players, placing A$3.3 billion in gross written premiums (gwps) annually.
“PSC’s success has been defined by client focus and entrepreneurial thinking,” said David Ross, group chief executive. “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.”
The release also said the merger brings PSC’s 900 insurance professionals and hundreds more authorised representatives (ARs) over to Ardonagh. These employees represent 40 plus trading brands across Australia, the UK, Ireland, Hong Kong, Vietnam, New Zealand, and Bermuda.
Last month, the A$2.3 billion acquisition, announced in May 2024, was endorsed by PSC’s shareholders following a vote.
