15 March 2023Analysis

PSC completes Ensurance purchase

PSC Insurance Group has revealed that it has completed its purchase of London-based insurance broker Ensurance UK.

The purchase was first announced on 22nd July 2022 and then updated on 4th November 2022.

The company said in a statement that: “We are pleased to announce that we have completed the acquisition of Ensurance UK Limited, a wholly owned subsidiary of ASX-listed Ensurance. The completion of the transaction follows the satisfaction of all conditions precedent to the sale & purchase agreement signed in November 2022, including receipt of regulatory approval by the Financial Conduct Authority in the UK.”

The consideration for the acquisition of 100% of the issued share capital of Ensurance UK was A$8.2m (£4.5m), payable 75% in cash and 25% in ASX:PSI shares. ASX:PSI shares issued under the sale will be held in escrow for a period of 12 months.