PSC outlines goals as founder steps up
Incoming PSC Insurance Group Non-Executive Chair Paul Dwyer says the broking group is ready to take the “next leap forward” at today’s annual general meeting (AGM), as he prepares to take a more active role in the business he founded in 2006.
“I’m delighted to be stepping up as Chair and can’t wait to roll my sleeves up and get into it,” Mr Dwyer said in a prepared speech to shareholders.
“We are building a truly multinational, niche insurance business, where we can compete for clients against the world’s best in our specialist areas.”
He says the Melbourne-based broker is developing new technology to deliver better service and user experience for clients, as well as generating substantial cost savings.
“These developments will be most impactful in our specialist wholesale markets which have historically run at lower margins. This will change,” Mr Dwyer said.
“We expect these technology enabled businesses to run at better and at higher margins than ever before. Additionally, these digital interfaces will also allow us to amalgamate several of our business units.”
As reported previously, PSC developed its own insurance trading system, Apex, and launched it after leaving the Steadfast Network at the end of May. The business has said Apex, an online bot-supported platform, is about forging the business’s long-term independence.
Outgoing Chair Brian Austin, who becomes Non-Executive Deputy Chairman – Mr Dwyer’s previous role – said at the AGM the business “took the final steps in our journey to be independent of other players in the Australian and NZ marketplace”.
PSC had announced Mr Dwyer would take up the position of Chair after the AGM when the business released its full-year earnings in August.
The broking group today reiterated the business is on track to achieve its financial targets for this financial year.
PSC is aiming for underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $122-127 million and underlying net profit after tax of $82-86 million.
In the last financial year the business reported a 19% rise in underlying EBITDA to $111 million and underlying net profit after tax surged 23% to $78.4 million.