Ardonagh’s landmark A$2.3 billion acquisition receives approval from PSC shareholders
• Overwhelming support from PSC shareholders marks critical step towards completion.
• Transaction is expected to close on or about 11 October 2024.
• Deal will strengthen Ardonagh’s position in key markets.
The Ardonagh Group (“Ardonagh” or “The Group”), one of the world’s largest independent insurance broking platforms, is pleased to announce PSC Insurance Group Limited (“PSC”) shareholders have voted in favour of its proposed acquisition by Ardonagh.
Combining the best of PSC and Ardonagh will strengthen the Group’s global position in the retail, specialty and wholesale broking markets to deliver greater scale and efficiency benefits to clients, insurers, brokers and agencies.
David Ross, CEO of The Ardonagh Group welcomed the overwhelming support from PSC shareholders. Mr Ross said: “The support from PSC shareholders highlights the sound rationale in merging these two leading businesses. The PSC story and strategy mirrors our own in many ways. Like Ardonagh, this is a business built on entrepreneurial spirit and high-quality teams moving in formation with each other, and we will have much to build on together very soon.
“PSC’s culture and values are closely aligned with ours, and its portfolio of complementary businesses offers significant opportunities to enhance our presence in Australia, as well as in wholesale and specialty markets globally. We’re excited to get to work.”
PSC Chairman, Paul Dwyer said: “PSC was started with just five people 18 years ago. We are proud to have reached this milestone and thankful to the colleagues who have been on this remarkable journey with us as we built trust and equity in the market.
“We now look ahead to joining a global team in Ardonagh who share our drive and values. We believe this deal not only maximises value for PSC shareholders but also offers a strong growth platform for PSC colleagues and clients with Ardonagh globally.”
The Scheme is subject to approval by the Federal Court of Australia at a hearing scheduled for 1 October 2024. The transaction is expected to close on or about 11 October 2024.
For further information regarding this acquisition, please see our initial announcement on Ardonagh.com or refer to the information provided in the Scheme Booklet.
ENDS
For more information, please contact:
Australia and New Zealand
Peter Brookes
peter.brookes@sodali.com / +61 407 911 389
Jack Gordon
jack.gordon@sodali.com / +61 478 060362
UK and rest of world
Justin Griffiths/ Madeleine Gordon-Foxwell
ardonagh@sodali.com / +44 207 100 6451
NOTES TO EDITORS
THE ARDONAGH GROUP
The Ardonagh Group is one of the world’s largest independent insurance distribution platforms and a top 20 global broker. We are a collection of best-in-class entrepreneurial and specialist brands with a combined workforce of over 10,000 colleagues and a network spanning 200+ locations in more than 30 countries. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain globally. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.
The Ardonagh Group reported pro forma income for 2023 of $1.9 billion and pro forma adjusted EBITDA of $695 million, including completed and committed acquisitions to 20 March 2024. Ardonagh's shareholders are Madison Dearborn Partners, LLC (MDP) and HPS Investment Partners (HPS).
PSC INSURANCE GROUP
PSC Insurance Group Limited is an Australian-based diversified insurance services company. The Company primarily operates in Australia, the United Kingdom, Hong Kong, and New Zealand. It operates through four segments: Distribution, Agency, United Kingdom (International) and Group. The Company’s Distribution segment includes PSC Insurance Brokers, PSC Network Insurance Partners, PSC Life, and PSC Workers Compensation Services. Its Agency segment offers underwriting agencies, including Chase Underwriting, Breeze Underwriting, Chase Travel, and Medisure Indemnity Australia. Its United Kingdom (International) segment includes Paragon International Insurance Brokers, Paragon Bermuda, Carrolls, Breeze Underwriting (UK), Chase Underwriting (UK), PSC UK Insurance Brokers, PSC Europe, and the Hong Kong businesses. The Company’s Group segment includes various investments from non-operating assets.
ENVEST
Headquartered in Brisbane, Queensland, Envest is a focused insurance distribution business that leverages the power of our people to deliver creative solutions for customers and partners in Australasia. It is the growth platform for The Ardonagh Group in the region.
With 28 Australian insurance brands, including the Aviso Group, Resilium and 14 specialist underwriting agencies, we provide trusted advice and service to more than 200,000 customers across Australia. Our group employs more than 700 staff in 35 office locations around the nation.
Latest announcements
Ardonagh’s landmark A$2.3 billion acquisition receives approval from PSC shareholders
The Ardonagh Group is pleased to announce PSC Insurance Group Limited (“PSC”) shareholders have voted in favour of its proposed acquisition by Ardonagh. Combining the best of PSC and Ardonagh will strengthen the Group’s global position in the retail, specialty and wholesale broking markets to deliver greater scale and efficiency benefits to clients, insurers, brokers and agencies.
Update on PSC Insurance Group Limited
The Ardonagh Group notes that PSC Insurance has released the Scheme Booklet on the Australian Securities Exchange (ASX), following registration of the Scheme Booklet with the Australian Securities and Investments Commission (ASIC). The Scheme Booklet will be sent to PSC Insurance shareholders who are scheduled to vote on the proposed Scheme of Arrangement on 26 September 2024.