PSC Insurance Group will acquire regional Victorian business Alan Wilson Insurance Brokers (AWIB) for $17.5 million.

Founder Alan Wilson and the AWIB team will continue in the business, which has been operating since 1984 and has 21 staff. The Traralgon-based brokerage is well-known to PSC Deputy Chairman Paul Dwyer.

“PSC and Alan have a long history together, particularly for Paul Dwyer, whose first job in the insurance broking industry was in 1996 with AWIB,” PSC Group MD Tony Robinson said.

“We are delighted to be partnering with Alan to grow the AWIB business and to provide the continued high levels of service to the clients of AWIB.”

PSC says AWIB has expertise and a market-leading position in the fire protection industry, where there are good growth prospects, and has further developed a diversified commercial SME client base, many with operations in the Gippsland region.

The transaction is anticipated to close by the end of May subject to usual conditions, with the purchase price payable in cash upon completion.

PSC expects the acquisition will generate incremental earnings before interest, tax, depreciation and amortisation of more than $1.8 million in its first 12 months.