PSC Insurance Group will buy the broking business of Shepparton-based Griffiths Goodall, which was the target of an Australian Securities and Investments Commission (ASIC) raid earlier this year.

The $48 million acquisition includes the broking portfolio and other key business assets of Griffiths Goodall. The business will continue to operate out of its Shepparton and Melbourne premises.

Griffiths Goodall’s key managers will continue to oversee the day-to-day operations of the business, while all staff will be offered new employment agreements with PSC.

“The current owners have built a very good client centric business with a great broking team, and this will significantly increase our regional presence in Victoria,” PSC CEO Rohan Stewart said.

insuranceNEWS.com.au reported in May that the brokerage was “undertaking a review of its structure” and exploring options including a sale of the business.

ASIC and Australian Federal Police officers raided its offices in northern Victoria in March, seizing a number of files.

Director Ben Goodall said at the time that the raid was “not a police search or criminal investigation” and was related to a paperwork-based issue which was denied.

More details in our Daily bulletin this afternoon.