The Envest Group is closing PSC Connect New Zealand after 13 years and focusing instead on building its PSC Insurance Broking network by acquiring portfolios and brokerages.

The change “allows us to focus on building our footprint and the target is to double in size over the next two to four years”, PSC Insurance Broking NZ national manager William O’Brien says.

The PSC Connect authorised representative network launched in New Zealand in 2012 with David Penfold as national manager.  

Mr Penfold says he will work with PSC Connect brokers during the changeover, offering options including acquiring portfolios and businesses.

“This is a difficult decision we’ve made and I’d like to thank all our member brokers for their support since we launched 13 years ago,” he said today.

“We are committed to supporting our PSC Connect member brokers through this transition and helping them take the next step in their journey.”

PSC Insurance Brokers opened in Auckland in 2021 and now has operations in Christchurch, Hamilton, Pukekohe and Kapiti. Envest owner Ardonagh acquired PSC last year.

Envest CEO Greg Mullins says the plan to grow an “equity-owned broking footprint” comes amid a softening market and regulatory changes.

“We are looking to expand our branch network under the PSC Broking banner so we can broaden our reach in New Zealand,” he said.

“We want to build a meaningful presence by backing local insurance entrepreneurs.”