PSC takeover delivers $350m payday for insurance broker

Liam WalshReporter

May 9, 2024 – 4.37pm

Email LinkedIn Twitter Facebook

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Key Points

PSC Insurance has received a $2.3b takeover offer for the insurance broker.
The potential acquirer is UK-based, private-equity backed, Ardonagh.
PSC directors hold equity worth almost $890m in the deal.

Directors of PSC Insurance including its founder Paul Dwyer are in line for an $890 million payday following a deal to sell the Melbourne-based insurance broking business to a UK giant.

PSC was founded in 2006 with five employees and revenue of $810,000. This week, its board recommended a $2.26 billion cash offer from Ardonagh.

Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane.