PSC keeps expanding with ACT acquisition
Sydney-based PSC Insurance Group has increased its presence in Canberra by acquiring Hamilton Insurance Brokers.
Hamilton serves the ACT and surrounding regions such as the Snowy Mountains and Cooma.
“We’re finding the region is one of the fastest-growing areas for our commercial broking business, which services mainly SMEs,” PSC CEO Rohan Stewart told insuranceNEWS.com.au.
He says business insurance specialist Hamilton – established in 1974 and like PSC a Steadfast Group member – has built a significant portfolio of clients.
Three staff from Hamilton’s Dickson office will move to PSC’s operation in Fyshwick over the next few months.
“They are a young and experienced professional team and will complement our current operations there,” Mr Stewart said.
PSC is an insurance broking and advisory business for corporate, sports, commercial and SME clients, with operations in Australia, New Zealand, Hong Kong and the UK.
Mr Stewart says Hamilton proprietors such as director Don Nolan are well known to PSC’s major shareholders and are respected for their business acumen and professionalism.
Mr Nolan says he is confident all clients will benefit from the extra resources and facilities PSC can deliver.
PSC is also expanding in Melbourne, by adding PSC Connect corporate authorised representative David Denson to its central team. With more than 35 years’ experience in insurance, Mr Denson has a “well-established and diverse range of clients that will blend in nicely with PSC’s Melbourne broking business”, according to Mr Stewart.
Mr Denson says he is delighted PSC can help him with succession planning.
“David will start to transition his book of business to us over two to three years, and then either look at other things with PSC or sail off into the sunset,” Mr Stewart told insuranceNEWS.com.au.
He says PSC has about 100 authorised representatives in the PSC Connect group, and it offers brokers of a certain size the opportunity to transition their books and exit.
PSC has acquired about 20 businesses since 2006 – mainly brokers in Australia and other companies in the UK, where it runs a Lloyd’s and reinsurance operation – and now records gross written premium of about $600 million a year, Mr Stewart says.