Ardonagh has today completed the acquisition of PSC Insurance Group, with the Australian and New Zealand operations now combined within Envest, led by CEO Greg Mullins. 

PSC founder and chairman Paul Dwyer has joined the Ardonagh senior management team and will be involved in the Asia-Pacific region and the UK specialty platforms. 

UK-based Ardonagh says the acquisition has created one of Australia’s leading privately owned insurance distribution players, placing $3.3 billion in gross written premium annually. 

PSC’s global suite of broking and underwriting agency brands, including Paragon and Carrolls, also strengthens Ardonagh’s specialty and UK advisory platforms in wholesale and retail broking 

“PSC’s success has been defined by client focus and entrepreneurial thinking,” Ardonagh CEO David Ross said. “We are fortunate to now have these threads sewn across our regional platforms as we continue to unlock value for customers through the connectivity of our global broking group.”   

Ardonagh says it is welcoming 900 new colleagues and hundreds of authorised representatives from more than 40 trading brands across Australia, the UK, Ireland, Hong Kong, Vietnam, New Zealand and Bermuda. 

Mr Mullins says Envest has all the ingredients to deliver enhanced value to clients and provide opportunities for staff. 

“Our core objective now is to bring the best of both our worlds together.” 

PSC shareholders last month voted in favour of the $2.3 billion takeover and a company release to the Australian Securities Exchange today said the scheme of arrangement has been implemented and shareholders have been issued their $6.19-per-share cash consideration. 

Trading in the shares was suspended last Wednesday, and the company’s removal from the ASX official list is expected to take place from Monday’s close. 

“On behalf of the PSC board of directors, I would like to express my gratitude to colleagues for their contribution to this successful venture over the past 18 years and for their unwavering dedication to clients throughout this process,” Mr Dwyer said. 

The scheme implementation means Brian Austin, James Kalbassi, Tara Falk, Joanne Dawson and Melvyn Sims will resign as PSC directors, while Envest’s Paul Lynam, Gordon Wilkie and Mr Mullins have been appointed directors.