PSC Insurance Group has acquired Lloyd’s broker John Holman & Sons for £2.5 million ($4.7 million) plus net assets, a purchase that the Sydney-based company says will bolster its UK business.

“The acquisition is an important step in the growth of PSC’s UK operations, providing a greater presence in the London market bringing benefits to our clients and trading partners with a wider product and service offering,” the company says.

PSC made the acquisition via its subsidiary Insurance Holdings, which bought the Lloyd’s broker’s parent company John Holman & Sons.

London-based John Holman & Sons is an independent, family-owned and run wholesale Lloyd’s broker established in 1832.

Its three core businesses are Holman Broking, Holman Underwriting and Holman Insurance Services.