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PSC Insurance to acquire 2 insurance brokers


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PSC Insurance to acquire 2 insurance brokers

PSC Insurance Group Ltd. agreed to acquire two insurance brokers for an aggregate price of approximately A$8.9 million.

Under separate transactions, the company will acquire Melbourne-based Insurance Solutions Corp. Pty. Ltd. for A$4.2 million and Canberra-based Capital Insurance Brokers Pty. Ltd. for about A$4.7 million. PSC Insurance will pay a portion of the purchase price for each acquisition upfront and the balance on deferred basis.

The latest acquisitions follow a series of M&A deals struck by PSC Insurance in the past months. Among other deals, the company agreed to acquire two insurance-related businesses in August after entering a deal to acquire two insurance brokers in July.

Further, the company revised upward its underlying EBITDA guidance range for the first half of fiscal 2018. The company said it now expects a 25% to 30% year-over-year increase in underlying EBITDA for the six months ending Dec. 31, compared to an earlier forecast of a 20% yearly increase in underlying EBITDA.