Ardonagh marks a crucial step towards completing the $2.3 billion acquisition of PSC in Australia

Ardonagh Group, the London-based independent insurance distribution platform, announced that the shareholders of PSC Insurance Group Ltd. have voted in favor of the proposed acquisition.

The transaction, which is valued at US$2.3 billion ($1.6 billion) and was first announced in May 2024, is expected to close on or around October 11, 2024.

Ardonagh said the deal will strengthen its global position in the retail, specialty and wholesale brokerage markets to deliver greater benefits of scale and efficiency to clients, insurers, brokers and agencies.

David Ross, CEO of The Ardonagh Group welcomed the support from PSC shareholders.

“The support from PSC’s shareholders highlights the sound rationale behind the merger of these two leading businesses,” commented Ross. “PSC’s culture and values ​​are closely aligned with ours and its portfolio of complementary businesses provides significant opportunities to enhance our presence in Australia as well as in the wholesale and specialty markets globally. We’re excited to get down to business.”

“PSC started with just five people 18 years ago. We are proud to have reached this milestone and thank our colleagues who have been on this remarkable journey with us as we have built trust and equity in the market,” said PSC Chairman Paul Dwyer.

“We are now looking forward to joining a global team in Ardonagh who share our drive and values. We believe this deal not only maximizes value for PSC shareholders, but also provides a strong growth platform for PSC’s colleagues and clients with Ardonagh globally.”

The scheme is subject to approval by the Federal Court of Australia at a hearing scheduled for 1 October 2024. The transaction is expected to close on or around 11 October 2024.

Ardonagh said more information about the purchase can be found in the Scheme Booklet.

PSC is a diversified insurance services group operating brokerage and underwriting businesses under more than 40 brands – primarily in Australia, the United Kingdom, Hong Kong and New Zealand. It has 900 employees and manages more than US$2.59 billion ($1.8 billion) in global gross written premium.

Source: Ardonagh

TOPICS
Mergers and acquisitions Australia