Australian firm, PSI Insurance Group has acquired British independent broker Carroll Insurance Group. The London-based company, which operates in the Lloyd’s and London markets, is a direct and wholesale broking business.

The Australian firm purchased 100% of the share capital for some £3.4m, excluding net assets.

Over two-thirds (70%) of the consideration – around £2.4m – is payable in cash on completion. The balance will be payable after 12 months and may be subject to adjustments, depending on the company’s revenue after that period.

Company secretary at PSC, Stephen Abbott said he expected the incremental revenue from the London broker to be around £2m a year.

“The acquisition has been funded from existing cash resources,” he explained. “We are delighted to welcome the CIG team to the Group.”

PSC has operations in Australia, the UK and New Zealand. The group has four operating segments with more than 40 businesses across the group. Its businesses in London include Carroll Holman Insurance Brokers, Breeze Underwriting, Alsford Page and Gems, Turner Insurance and Easy Broking Online.

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