Acquiring the broking business of Alliance Insurance Broking Services will generate more than $3 million in incremental pre-tax earnings to the PSC Group, according to the Melbourne-based listed broker.

PSC expects to close the $24.5 million purchase of the insurance broking portfolio and other key business assets trading as Alliance Insurance within the next four weeks.

Group MD Tony Robinson says he is delighted with the business’s latest acquisition, which was announced last week in an investor update to the Australian Securities Exchange.

“We think that it’s got some terrific people and terrific clients and we’re comfortable that they will be a good fit with PSC both at the client end and the people end,” Mr Robinson told insuranceNEWS.com.au. “That’s what will help us to grow and prosper.

“We’re buying the goodwill, the assets and the relationships with the clients and the people that work in the business.”

Alliance Insurance Broking Services is selling the operations as part of undertakings it gave to the Federal Court after the Australian Securities and Investments Commission obtained urgent interim freezing orders against it and its director Renato De Maria. The undertakings include appointing an independent agent to sell the business.