PSC Insurance Group has expanded into the UK retail broking market with the acquisition of Turner Insurance Services as it continues to build its international presence.

The insurer is paying £3.96 million ($7.1 million) for a 70% stake in Leicester-based Turner and has an options agreement to buy the remainder of the company within four years.

“A presence in this market in the UK is a natural strategic progression for the group,” PSC said today.

PSC has also acquired the shares it didn’t own in Easy Broking Online for £580,000 ($1 million).  The group previously held a 23% interest in the UK underwriting agency, which specialises in SME property.

“We believe there are strong growth opportunities when combined with the existing broker distribution channels of our Carroll Holman and Breeze Underwriting business in the UK and this adds to the group’s expanding suite of online platform enabled businesses,” the insurer said.

The key directors and management of both UK companies will remain with the businesses.

In other moves, PSC has formally launched Chase Underwriting International (CUI), a London-based specialist wholesale agency focusing on the construction sector.

CUI, led by Simon Challinor, will focus initially on a mix of annual and single project risks in the UK, Europe, the US and Middle East.

In Australia, PSC has started a broking operation focused on western Sydney, with the start-up business aided by a small client portfolio purchase.