SYDNEY: PSC Insurance Group has announced the acquisition and completion of Carroll Insurance Group (CIG), a direct and wholesale broking business, operating in the Lloyd’s and London markets.

CIG was acquired for £3.4 million (A$6.3 million), excluding net assets; 70% of the consideration is payable in cash on completion (£2.4 million), with the balance after 12 months, with the final 30% adjustable, dependent on the revenue after 12 months.

CIG is a highly complementary acquisition and represents a ‘bolt-in’ with the Group’s existing Carroll Holman Insurance Brokers business in London.

The CIG business is well known to PSC Insurance, with the Carroll Holman management having facilitated a management buyout of business assets in 2007 from CIG. This Carroll Holman business was acquired by PSC Insurance in June 2012.

Peter Carroll the principal of CIG will be entering into a consultancy arrangement post completion and joining the board of Carroll Holman.