PSC Insurance Group is on track to complete its acquisition of London-based Lloyd’s broker Paragon International this month after gaining UK regulatory clearance.

The company says Financial Conduct Authority approval is a “major milestone” and leaves only one minor condition to be completed before the deal can be wrapped up.

“We are confident this condition will be met in a timeframe that will allow us to target, under the terms of the contract, a September 2019 month-end completion date,” Company Secretary Stephen Abbott said on Friday.

Established in 1996, Paragon employs more than 90 staff and specialises in professional and financial lines in the Lloyd’s and London broking markets.

The business generates more than 60% of its revenue from the US wholesale market and will remain an autonomous unit of PSC post-acquisition.

PSC says buying Paragon will give the Melbourne-based national broker exposure to the US market, the world’s biggest insurance market, and fulfils a strategic objective.

The £42 million ($76.1 million) acquisition price is subject to adjustment based on Paragon’s earnings for this year and next year.