PSC Insurance Group has upped its majority holdings in Perth-based broking business AR (WA) and Turner Financial Services in the UK, investing more than $7 million to take outright control of the two entities.

The listed Melbourne-based group announced the acquisitions today, saying the transactions are funded through banking facilities.

“Both purchases take us to a position of 100% ownership of the offices and that is generally our preferred ownership structure,” MD Tony Robinson told insuranceNEWS.com.au today. “Both are well run business and so we are delighted to have the chance to increase our ownership.”

He says Turner Financial Services is an important part of PSC’s growth strategy for the UK. PSC purchased a 70% stake in the Leicester-based retail brokerage in 2018 for £3.96 million ($7.1 million) with an option to purchase the remaining 30% at a later date.

“Turner is a UK retail business and it is our only business in the UK that is principally focused on retail or prime broking in the small and medium enterprise market,” Mr Robinson said. “The move to 100% ownership of Turner’s also allows to now start looking at other opportunities in this area which we think is an exciting part of the UK insurance industry.”

PSC says the outstanding 30% stake was acquired for about £1.9 million ($3.4 million).

With Perth-based AR, where PSC already holds a 70% stake as a result of the acquisition of the Australian Reliance group, the business invested nearly $3.9 million to take full ownership.

AR Principal Peter Burtenshaw will retire from the business, PSC said.