PSC’s Lloyd’s acquisition performing well

January 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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