PSC Insurance Group says the Alan Wilson Insurance Brokers (AWIB) business, which it announced last week it is acquiring, has “very good ongoing growth prospects” in its specialty fire protection area and has also built a diversified SME client base.

The brokerage has specific expertise and a market leading position in the fire protection industry, while it also services a broad commercial client base, many with operations in Victoria’s Gippsland region, PSC says.

The brokerage was founded in 1984 by Alan Wilson who will remain with business along with the team members following the acquisition.

“We are delighted to be partnering with Alan to grow the AWIB business and to provide the continued high levels of service to the clients of AWIB,” PSC MD Tony Robinson said.

The two companies have a long association, with PSC Deputy Chairman Paul Dwyer taking up his first job in the broking industry with AWIB in 1996, Mr Robinson says.

The $17.5 million acquisition price is payable in cash on deal completion, anticipated before the end of the month.

PSC expects the acquisition will generate incremental earnings before interest, tax, depreciation and amortisation of more than $1.8 million in its first 12 months.