Ardonagh completes major acquisition of insurance group

Broker Ardonagh has completed its A$2.3bn (£1.12bn) acquisition of PSC Insurance Group.

In May 2024, Ardonagh entered into a scheme implementation deed to acquire all of the issued ordinary shares in PSC, which provides insurance services from the UK, Australia and New Zealand.

As part of the deal, PSC’s UK arm be merged into Ardonagh Specialty and Ardonagh Advisory.

The broker said PSC’s brands, including Paragon and Carrolls, would improve its UK wholesale and retail broking position.

Ardonagh Specialty chief executive Andrew Wallin added: “Our standing as the leading independent broker in the London market is further strengthened today as we formally welcome Paragon and Carrolls teams across PSC’s specialty businesses into the fold.

“We look forward to supporting their continued growth as they harness the scale, expertise and connections of our global broking collective.”

People moves

The completion of the deal comes after PSC shareholders approved the transaction in September 2024.

As part of the deal, PSC group founder and chairman Paul Dwyer will join Ardonagh’s senior management team.

He will be involved in the Asia-Pacific and UK specialty platforms, providing strategic advice to integrate and grow the combined businesses.

Ardonagh will also welcome 900 new colleagues and hundreds of authorised representatives from more than 40 trading brands across Australia, the UK, Ireland, Hong Kong, Vietnam, New Zealand and Bermuda.

Dwyer said: “On behalf of the PSC board of directors, I would like to express my gratitude to colleagues for their contribution to this successful venture over the past 18 years and for their unwavering dedication to clients throughout this process.

“I am delighted to be joining the Ardonagh team with them today as we embark on this next chapter of growth.”