PSC Insurance Group announced today the acquisitions of two UK commercial brokers for $66 million, further expanding its presence in a market where it has invested heavily in the last few years.

The listed Melbourne-based broker will pay $28 million for Trust Insurance Services and $38 million for Abaco Insurance Brokers, it says in a statement to the Australian Securities Exchange.

PSC expects the new additions to generate about £4 million ($7.2 million) annually in incremental pre-tax earnings to the business at a group level.

The broker has previously flagged intentions to grow its UK operations, having raised about $60 million towards the end of last year from investors and identified a number of potential targets.

“These acquisitions are consistent with our goal of building a significant presence in the commercial broking market outside of London,” MD Tony Robinson said. “It is an area we understand and believe we can help drive growth.

“Both businesses are excellent inclusions into PSC bringing both great people into the group and generating strong returns.”

Trust Insurance Services, located in Northampton and established in 1992, services clients in the UK and Ireland. It focuses on a specialised offering to the arboriculture, forestry and landscaping industries.

PSC says the brokerage will help drive its direct commercial broking strategy in the UK. It will pay for the business in three separate tranches.

Abaco Insurance Brokers is based in Leicester with a focus on insurance services to the property management (strata) industry, and some niche offerings. Like the deal for Trust, payments for Abaco will be made in three separate tranches.

The acquisitions, which are subjected to approval from the UK’s Financial Conduct Authority, will complement the businesses that PSC has already bought in the country. They are Leicester-based Turner Insurance Services and Absolute Insurance Brokers in Croydon.

PSC says the four businesses have a combined gross written premium of £70 million ($125 million) and revenue of £12 million ($21 million).

“This places the Group well to achieve scale benefits and additional services for our clients in an increasingly integrated offering,” PSC said.