PSC Insurance Group will expand into Asia after shareholders last week overwhelmingly approved the purchase of Hong Kong brokerage Charter Gilman and another business that is also based in the financial hub.

The business will now proceed to acquire 50% of the share capital of Charter Gilman, giving it outright control of the brokerage. PSC already has a stake in the Hong Kong business through a $1.01 million investment made last July.

“PSC believes the Asian market presents an outstanding long-term opportunity for the company,” Chairman Brian Austin said. “These acquisitions provide an opportunity to enter this market via Hong Kong through existing known businesses.”

Shareholders at the group’s general meeting last week – which was held remotely in compliance with COVID-19 social distancing measures – also approved the acquisition of the insurance broking business of Globe Insurance from P Capital. The acquisition will be made via Charter Gilman when it becomes a wholly owned business of PSC.

The acquisitions total about $3 million.

“While the investment by PSC to acquire these businesses is modest… with the expectation of further modest investments of similar total values in the short to medium term to build scale, the company believes this can form a foundation of a business unit that can provide a sound contribution to group results,” Mr Austin said.