Steadfast member PSC Insurance Group will pay $3.04 million to acquire Melbourne-based Hiscock Insurance Brokers, which is part of rival broking network IBNA.

“[Hiscock] is a longstanding insurance broking business with a strong history of providing its clients a value-added service, and is well placed in the growing southeastern suburbs of Melbourne,” PSC says.

The company expects about $1.5 million in revenue contribution from the purchase.

It follows the recent acquisition of Lloyd’s broker John Holman & Sons in London for £2.5 million ($4.8 million), which PSC says will boost its UK business.

PSC made a net profit of $2.1 million and revenue of $27.7 million in the half-year to December 31.

Hiscock MD Graham Hiscock told insuranceNEWS.com.au the deal secured the future of his business, which has been operating for 36 years.

“We believe it will be very positive for our corporate and SME clients and positions our business for meaningful growth,” he said.

“All of our staff and management will remain with the business, which will trade as PSC Hiscock Insurance Broking.

PSC CEO Rohan Stewart says the acquisition will enhance the company’s presence in Melbourne.

“It expands our footprint into the greater Melbourne region,” he told insuranceNEWS.com.au. “It’s a well established commercial broker [and] it fits within our client segment.”

Mr Stewart does not rule out making more acquisitions. “We will continue to look for opportunities that makes sense, that adds positive earnings. We won’t buy for the sake of buying.”