PSC Insurance Group Ltd is a diversified insurance services group with operations in Australia, United Kingdom, Hong Kong, Vietnam and New Zealand. We operate through 4 operating segments and have over 40 trading businesses across the Group.
PSC is a multinational ASX listed company.
Key businesses include:
- PSC Insurance Brokers, providing commercial insurance broking services across Australia through 16 offices and advising more than 80,000 clients.
- PSC Network Insurance Partners, an Authorised Representative (equity interest) network spanning Australia and New Zealand. The Network operates commercial insurance broking businesses in their own right and PSC Network provide business support.
- Across PSC Network, there are more than 200 Authorised Representatives/ providing services to over 100,000 clients.
- Life Insurance Broking & Workers Compensation Consulting is provided across the Australian businesses to enable a ‘full service’ capability across our client base.
Key businesses include:
- Chase Underwriting provides underwriting services in the construction (property and liability) and plant and equipment industries.
- Breeze Underwriting provides underwriting services in the hospitality, accommodation, equipment hire and professional risks industries and classes.
- Medisure Indemnity provides underwriting services across the medical and healthcare industries.
- An online travel insurance business across multiple brands, including Travel Insuranz and Insure4Less.
Key businesses include:
Carrolls, a wholesale Lloyd’s and London Markets broker with over 1,000 supporting brokers.
Paragon is a specialist insurance broker/wholesaler, operating in Lloyd’s of London, Bermuda, European and International Specialty markets.
Breeze Underwriting is an MGA (agency) specialising in property and liability classes across a number of insurers.
Chase Global is a construction MGA mainly writing business emanating from the USA.
- PSC UK Insurance Brokers represent our retail broking businesses which include:
- Turner Insurance Group
- Trust Insurance
- Abaco Insurance Brokers
- Absolute Insurance Brokers.
The Group also carry a number of investments on its balance sheet, the main of which is a 19.6% equity stake in BP Marsh & Partners plc – a UK based investment business, specialising in the insurance intermediation industry.
We have a proven track-record in growing businesses, both organically and via acquisition. When considering acquisitions, we seek people that are aligned to our culture; the PSC DNA that focuses on doing the right thing by the client in everything we do.
Our diverse portfolio of businesses range from start-up’s to mature operations. We look to balance these so that we can continue to grow over time.
The Group owns the majority of its businesses 100%, however with start-ups and acquisitions we like the operators to initially maintain some equity so we can partner with them to grow the business together, aligning the interests of all stakeholders.
PSC is a multinational company operating in a number of key insurance markets globally with a meaningful presence. We operate our businesses through numerous, separately licenced subsidiaries across Australia, United Kingdom, New Zealand and Hong Kong.
Growing a diversified business
PSC started out as a single insurance broking business with five employees in 2006. It is now a highly diversified insurance business evidenced by a portfolio of over 200,000 clients, serviced by over 1,000 employees and partners, with offices across six countries (including Bermuda and Ireland), through our business units.
Experienced Board & management
PSC has an experienced team of insurance practitioners with broad skill sets at Board and Executive level which is utilised across the different business units to leverage efficiencies and opportunities for the benefit of our clients, staff & business partners.
Growth by acquisitions
PSC has had an established history of acquiring, enhancing, integrating and turning around businesses across Australia and the United Kingdom to create a growing earnings base. PSC continues to actively identify acquisition opportunities and assess whether they meet PSC’s acquisition criteria and are consistent with the PSC Group’s strategy & culture.
Organic growth of existing businesses
Businesses under PSC’s ownership experience organic growth in revenue and earnings. All businesses in the PSC Group have experienced revenue or profit growth within three years of acquisition.
Culture of client focus
The management of PSC prides itself on its culture of client focus, the PSC DNA. This culture ensures that clients are the focus of everything we do, from exceptional client service to providing innovative and value added advice and products.
Attractive industry and growth opportunities
The global general insurance market is large and remains highly fragmented, which provide significant opportunities for consolidation. PSC is constantly assessing organic and acquisitive opportunities to grow the Company’s profitability in Australia, United Kingdom, New Zealand, Hong Kong.
Establishing new businesses
PSC has a history of investing in start-up businesses based on an assessment of market opportunities, trends and client needs. PSC intends to continue investment in business opportunities where the opportunity meets its strategic criteria and is culturally aligned.
Alignment of ownership
The Company has a strong culture which has an embedded equity ownership philosophy. This ownership by the founders of the Company (who will retain 37.84% as at 31 December 2021), key executives and staff, creates strong alignment of stakeholders.
Ability to realise synergies through business combination
A particular benefit from the PSC Groups large number of businesses is the opportunity to realise synergies through business collaborations. The types of synergies that are available to PSC Group include enhancing the scale and negotiating position of individual businesses within the PSC Group as well as the centralisation of a number of back office services such as accounts payable, underwriter payments & compliance just to name a few.