PSC Insurance Group has registered a newly created subsidiary with the Central Bank of Ireland, a move that will allow its UK broking arms to continue serving clients in the European Union post-Brexit.

“This registration is important to the group, as the Brexit trade deal agreed on December 24 excluded financial services,” the Melbourne-based listed broker says in a brief investor update.  “Therefore the provision of such services directly by our businesses after December 31 would be prohibited.

“Being able to deal directly with European Economic Area clients provides [us] with seamless continuity of service to our existing clients and the ability to attract new clients from within the [economic bloc].”

The insurance and reinsurance intermediary will mainly support Paragon International and Carolls, two broking businesses that PSC acquired in 2019. PSC has invested heavily in the UK with a number of acquisitions and has signalled more could be in the pipeline.