MELBOURNE: PSC Insurance Group (PSI) has entered into an agreement to acquire the general insurance broking business of Australian Unity (AU).

Australian Unity have general insurance broking operations predominantly in Sydney which generates approximately $625,000 of revenue pa.

PSI will be purchasing the business of AU for approximately $1.56 million which represents 2.5x revenue. Key staff will be transitioning to PSC as part of the acquisition. Completion will be subject to deliverables as outlined in the business sale agreement.

The AU portfolio will primarily be managed out of PSI’s Sydney office. The acquisition will be funded from existing cash resources.

Edited by Kazim Rizvi