Melbourne-based PSC Insurance Group has completed its purchase of Lloyd’s broker Paragon International.

The £42 million ($76.3 million) acquisition announced in July is funded partly through an institutional share placement.

MD Tony Robinson says London-based Paragon will provide the business with an immediate entry into the US, the world’s biggest insurance market.

About 60% of Paragon’s revenues come from the US wholesale brokerage market. It is also a significant player in the UK.

Paragon last year achieved revenues of £21 million ($38.2 million) and £4.2 million ($7.6 million) in underlying earnings before interest, tax, depreciation and amortisation.