PSC Insurance Group has completed three acquisitions worth $22 million, including another one in the UK where the Melbourne-based brokerage has invested heavily in the last few years.

The new additions are expected to contribute “positively” in the current financial year, with incremental pre-tax earnings of about $1.4 million and an annualised initial pro forma contribution of about $2.4 million, PSC said in an investor update.

PSC says the binding agreement for Ensurance UK is subject to customary closing conditions, which it expects to achieve in the third quarter of FY2022/23.

Ensurance UK is based in London specialising in the construction industry. The agreement to buy the business from Ensurance, an Australian-listed underwriting agency, was first announced in July, pending the completion of due diligence.

PSC says Ensurance UK will provide additional scale, markets, distribution and an experienced team.

The business also announced it has completed the acquisition of Hong Kong-based Charter Union Insurance Brokers (CUIB) and bought Trade Credit Risk, a brokerage in Australia.

PSC says CUIB, a general insurance brokerage, provides the group with a good operating platform in the Asian financial hub. PSC’s 2022 annual report says the Hong Kong businesses have performed well, are profitable and cashflow positive.

For Trade Credit Risk, PSC says it is acquiring a 90% equity stake in the specialist trade credit insurance broker and will buy out the remaining holding over five years.

PSC says Trade Credit Risk will provide a new specialisation to the group and expand its capability in the Australian market.