Ardonagh Group, the London-based independent insurance distribution platform, announced it has agreed to acquire Australia’s PSC Insurance Group Ltd., in a deal valued at A$2.3 billion (US$1.5 billion).
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$1.7 billion) in global gross written premium.
Under the terms of the deal, Ardonagh will acquire a