Ardonagh strengthens its presence in Asia-Pacific through PSC acquisition

The Ardonagh Group, a leading insurance brokerage firm, has completed the strategic acquisition of the PSC Insurance Group, marking a significant step towards expanding its operations in the Asia-Pacific region. Through the merger, PSC's businesses in Australia and New Zealand will be integrated with Ardonagh's existing Envest Group. The expansion is led by CEO Greg Mullins. In May, Ardonagh announced that it had entered into an agreement to acquire the PSC Insurance Group, valuing the equity at 2.25 billion Australian dollars. The merger of the two companies results in one of Australia's leading private insurance distribution networks, placing annual gross premiums of 3.3 billion Australian dollars. PSC's portfolio, known for brands such as Paragon and Carrolls, will enrich Ardonagh's specialized and consulting capabilities in wholesale and retail broking in the UK. The founder and chairman of the PSC Group, Paul Dwyer, is now part of Ardonagh's senior management team. As part of the transaction, 900 new employees as well as a variety of authorized representatives from more than 40 trading brands in Australia, Bermuda, Hong Kong, Ireland, New Zealand, the United Kingdom, and Vietnam have joined Ardonagh. The CEO of the Ardonagh Group, David Ross, expressed optimism: "PSC's success is based on customer focus and entrepreneurial thinking. These strengths are now part of our regional platforms and will create added value for our customers worldwide through the network of our global large broking group." The acquisition was formally completed under the Corporations Act 2001 after receiving approval from the Federal Court of Australia on October 1, 2024, and the transaction was implemented on October 11, 2024. The integration process of PSC's Australia and New Zealand businesses with Envest is expected to position Ardonagh as a leading force in the insurance distribution sector in Australia. Dwyer's senior role will focus on driving growth and promoting the development of the group's specialty platforms in Asia-Pacific and the UK.