Acquisitions keep PSC growing
PSC Insurance Group is continuing its expansion program with new acquisitions that boost its offering in workers’ compensation services and life cover. The group’s 75% owned subsidiary PSC Workers’ Compensation is buying the business of Workers Compensation Services for $3 million. The purchased business, with offices in Sydney, Melbourne and Perth, has been operating since 2010 providing advisory and injury management services to government and private sector clients. PSC says the acquisition will enhance and strengthen its existing workers’ compensation business and will be a “highly complementary fit”. The insurer has also paid $800,000 for a small portfolio that will enhance its Certus Life business, adding two experienced team members as part of the expansion. “Increasingly our general insurance business clients in the broking businesses expect [PSC] to be able to provide life insurance advice and services particularly around business and asset protection,” the company says. “This acquisition enhances and strengthens our ability to deliver this service.” In June PSC stepped up its UK expansion with the acquisition of a 70% stake in Leicester-based Turner Insurance Services and the launch of construction-focused wholesale agency Chase Underwriting International. The latest acquisitions are its first material purchases for the current financial year. PSC reported in August that underlying net profit last financial year increased 31% to $24.2 million, underpinned by organic growth and contributions from acquisitions. The company will hold its AGM in Melbourne on Monday.