Home / Corporate / PSC-linked UK investor eyes Australia expansion
17 June 2019
BP Marsh & Partners, a UK private equity investor in which PSC Insurance Group has a minority stake, is keen to grow its business in Australia.
Chairman Brian Marsh outlined the plans as a Melbourne-based managing general agency, in which it invested $5.1 million for a 20% stake, flagged a strong performance for the year.
ATC Insurance Solutions, which provides underwriting services from offices in Sydney and Brisbane, says it is likely to achieve a 25% increase in gross written premium and 22% jump in earnings before interest, tax, depreciation and amortisation.
“In Australia our most recent investment, ATC Insurance Solutions, has already proved itself to be a strong performer,” Mr Marsh said. “We continue to be interested in Australia as a territory for further potential investment.”
He says the relationship with PSC is “progressing well”, with the investment viewed as “long-term and supportive”.
PSC last year invested £18.5 million ($33.9 million) in the London-listed business for a 19.8% stake. BP Marsh made a consolidated profit after tax of £12.5 million ($22.9 million) in its last financial year, down from £20.2 million ($37 million).