PSC acquires Carroll Insurance Group
Australian broking house PSC Insurance Group (PSC) has acquired Carroll Insurance Group (CIG) for £3.4 million. CIG is a direct and wholesale broking business, operating in the Lloyd’s and London markets. The acquisition continues PSC’s expansion of its London market presence.
“CIG is a highly complementary acquisition and represents a ‘bolt-in’ with the group’s existing Carroll Holman Insurance Brokers business in London,” said PSC in its announcement. “CIG has 18 staff, and we expect that synergies can be realised given an increase in products and capability across the combined operation.”
The CIG business is well known to PSI: Carroll Holman’s management facilitated a management buyout of business assets in 2007 from CIG and this Carroll Holman business was acquired by PSI in June 2012. PSI said Peter Carroll, the principal of CIG, will be entering into a consultancy arrangement post completion and joining the board of Carroll Holman.
PSI anticipates the incremental revenue from CIG to be ~ £2.0 million pa.
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