PSC Insurance Group has raised $55 million through a share placement to fund growth plans, including potential acquisitions.

The capital raising, lead-managed by Bell Potter Securities, placed 18.3 million shares to selected institutional and sophisticated investors at $3 per share.

It says the capital adds to other available funding options, and puts it in a strong position to realise further opportunities.

“We intend to invest the new capital in a prudent manner to grow the group over the medium and long term,” it said.

The group expects underlying earnings before interest, tax, depreciation and amortisation to rise 20% in the current half compared with the corresponding period last year.

PSC’s intermediary business comprises operations in Australia, New Zealand and the UK. It reported in August that net profit almost doubled last financial year to $19.7 million.