Australian-listed broker PSC Insurance Group (PSC) announced a 31% increase in underlying earnings in the core business to A$18.8 million (US$12.45 million) in the six months ended December 31 2019.
The revenue jump was helped along by PSC’s acquisitions in 2019 – which contributed approximately A$7.1 million (US$4.7 million) to its growth.
The brokerage said in its official results: “The result is a product of the group’s disciplined approach to building a great insurance broking and services business and reflects growth from existing business and the inclusion of recent acquisitions.”
Last July, the group took a A$1.01 million (US$670,337.00) stake in Hong Kong brokerage Charter Gilman. PSC noted on its acquisition pipeline and new business ventures: “The acquisition pipeline includes opportunities in Australia and the UK and the possibility of taking a holding in a small business in Hong Kong to test the opportunities in that region.”
Larger acquisitions in 2019 include purchases of two Lloyd’s brokers. PSC bought London-based Paragon International last July for an initial sum of US$52.3 million, and Carroll Insurance Group last November for US$4.4 million.
The group noted that the “key value of these additions are the expected profit contribution and the people who joined us as a consequence of the transactions.”
In May last year, PSC appointed Tony Robinson as managing director, with outgoing MD Paul Dwyer remaining in his role as deputy chairman. With these changes, Dwyer began to focus on strategic acquisitions and growth opportunities for the group.
Across Australia, PSC has 12 offices and has two networks with over 200 authorised representatives; the group is part of the Brokerslink network.
PSC controls over A$1.5 billion (US$1 billion) of premiums globally.

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