PSC Insurance Group has further expanded its footprint in the UK with the acquisition of two commercial brokers for $66 million.

Last week the listed Melbourne-based broker announced it would pay $28 million for Trust Insurance Services and $38 million for Abaco Insurance Brokers.

The purchases reinforce PSC’s stated ambitions to grow its business in the UK, a market it has identified as offering plenty of upside earnings potential. PSC raised $60 million from investors towards the end of last year, having shortlisted a number of possible broking targets.

PSC expects the new additions to generate about £4 million ($7.2 million) annually in incremental pre-tax earnings to the business at a group level.

“These acquisitions are consistent with our goal of building a significant presence in the commercial broking market outside of London,” MD Tony Robinson said. “It is an area we understand and believe we can help drive growth.

“Both businesses are excellent inclusions into PSC bringing both great people into the group and generating strong returns.”

Trust Insurance Services, located in Northampton and established in 1992, services clients in the UK and Ireland. It focuses on a specialised offering to the arboriculture, forestry and landscaping industries.

PSC says the brokerage will help drive its direct commercial broking strategy in the UK. It will pay for the business in three separate tranches.

Abaco Insurance Brokers is based in Leicester with a focus on insurance services to the property management (strata) industry, and some niche offerings. Like the deal for Trust, payments for Abaco will be made in three separate tranches.