Australian investment company PSC Capital, which includes the PSC Insurance Group, is to acquire 72% of Lloyd’s reinsurance and insurance broker Alsford Page & Gems Holdings (APG) in the UK.

PSC Insurance CEO Rohan Stewart says the acquisition gives PSC Capital global reach, because APG has clients in 90 countries, including the UK.

“We think the reinsurance market in the UK is a big market, and reinsurance is an area where we don’t yet have an interest,” he told insuranceNEWS.com.au. “So we think the timing is right and, in the UK, APG complements the wholesale business we already have.”

PSC mainly operates in Australia, New Zealand, the UK, the Philippines and Hong Kong.

Managers at APG in the UK will acquire the other 28% of the company, which will continue as a Lloyd’s brokerage.

The acquisition is subject to approval from the UK’s Financial Conduct Authority.

Mr Stewart says keeping local managers is in line with the PSC operating model.

“We think APG complements the suite of insurance investments we currently have in broking, underwriting, third-party claims and other areas.”

APG CEO David Pratt says the company welcome PSC’s financial backing, which will allow it to continue developing its independent wholesale broker business.