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PSC acquisitions continue with healthcare group

PSC Insurance Group is acquiring Brisbane-based broker Insurance Marketing Group of Australia (IMGA) and its related underwriting agency Medisure Indemnity Australia (MIA) for more than $8 million.

The two businesses serve the healthcare industry, which PSC MD Paul Dwyer tips to be “a growth industry over the medium and long term”.

He says PSC aims “to grow the business and provide the best service and products to the customers of IMGA and MIA”.

It will pay 80% upfront of the $5.7 million fee for IMGA. The remaining 20% is due within 15 months, subject to IMGA’s revenue performance after a year.

The payment terms are similar for MIA, valued at $2.9 million.

PSC expects to complete the transactions within a month. The company acquired two broking companies in Perth and the Gold Coast last month, and three brokerages in May.