PSC Insurance Group’s shareholders approve acquisition by Ardonagh

The shareholders of PSC Insurance Group Limited have approved Ardonagh’s proposed acquisition, as revealed by the independent insurance broking platform.

Back in May, it was announced that Ardonagh had entered into a Scheme Implementation Deed to acquire all the issued ordinary shares in PSC. At the time, the scheme cash consideration represented an implied equity value of A$2.256 billion and an enterprise value of A$2.429 billion.

David Ross, CEO of The Ardonagh Group has now commented, “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 added, “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.

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