PSC InsuranceGroup Ltd. agreed to acquire Melbourne-based insurance brokerHiscock Insurance Brokers for A$3.04 million.

PSC Insurance said April 29 that it will make an initialpayment of A$2.02 million for the acquisition. The subsequent payments will bemade on the 12th and 18th month from the date of completion and will be basedon the rise and fall formula by reference to the income of the business in thenext 18 months after the purchase closes.

The acquisition is expected to bring in revenues of A$1.5million.

As of April 29, US$1was equivalent to A$1.31.