PSC’s Lloyd’s acquisition performing wellJanuary 21 2020 by Andrew Tjaardstra
PSC Insurance Group has provided an update on the performance of its acquisition of Lloyd’s broker Paragon showing that the broker made a good decision last year.
Whilst full year results to December 2019 are still to be finalised, PSC expects the adjusted EBITDA for that period to be greater than £7 million (US$9 million).
Consideration for the acquisition is due on June 30 2020 and the broker previously advised that the 2018 EBITDA of Paragon for the previous financial year was £4.2 million (US$5.45 million).
The initial payment to the vendors was based on that performance continuing and based on this estimate, the first payments due in the current half would be £31.5 million (US$40.9 million).
The broker has a presence in the UK with the likes of wholesale broker Carroll Holman Insurance Brokers, Leicester-based commercial broker Turner Insurance Group, MGAs Breeze Underwriting and Chase Global.
PSC controls over A$1.5 billion (US$1 billion) of premiums globally.
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