South Africa-based PSG Konsult Ltd. agreed to acquire the remaining short-term face-to-face advisory insurance brokerage business of Absa Insurance and Financial Advisors Pty. Ltd.
The acquisition is being made through unit PSG Wealth Financial Planning (Pty) Ltd., subject to certain conditions and regulatory approvals.
PSG Konsult will integrate into PSG Insure 83 new insurance advisers and more than 31,000 clients from the insurance brokerage business, part of which it initially acquired from AIFA in September 2017. The acquisition will be funded from PSG's existing cash resources.
Absa Insurance and Financial Advisors is a unit of Barclays Africa Group Ltd., while PSG Konsult is owned by PSG Group Ltd. The sale is part of Barclays Africa's plan to optimize its insurance distribution channels.