PSC Insurance Group has completed its $24.5 million purchase of the broking business of Alliance Insurance Broking Services.

The Melbourne-based group announced the completion of the acquisition last week in a brief investor update.

PSC had announced the acquisition last month, saying the addition of the insurance broking portfolio and other key assets trading as Alliance Insurance will generate more than $3 million in incremental pre-tax earnings to the business.

Alliance Insurance Broking Services is selling the operations as part of undertakings it gave to the Federal Court after the Australian Securities and Investments Commission obtained urgent interim freezing orders against it and its director Renato De Maria.

The undertakings include appointing an independent agent to sell the business.