Ardonagh issues update on major acquisition of insurance group

PSC Insurance shareholders have voted in favour of Ardonagh’s proposed acquisition of the 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.

The deal will see PSC’s UK arm be merged into Ardonagh Specialty and Ardonagh Advisory, while the Australia and New Zealand operations will join Envest.

Envest, which was acquired by Ardonagh in 2022, is an insurance investment and distribution business based in Brisbane, Queensland.

Now that the PSC deal has been approved by shareholders, it is subject to approval by the Federal Court of Australia. A hearing has been scheduled for 1 October 2024.

David Ross, chief executive at Ardonagh, said: “The support from PSC shareholders highlights the sound rationale in merging these two leading businesses.

“The PSC story and strategy mirrors our own in many ways. Like Ardonagh, this is a business built on entrepreneurial spirit and high quality teams moving in formation with each other and we will have much to build on together very soon.”

Global position 

The transaction is expected to close on, or about, 11 October 2024.

Ardonagh said that combining the two firms will strengthen the group’s global position in the retail, specialty and wholesale broking markets.

PSC chairman Paul Dwyer added: “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.

“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.”