Australian insurer PSC gets approval for Irish subsidiary

PSC Insurance Group, a Melbourne-headquartered insurer with operations in Australia, New Zealand and Britain, has received authorisation from the Central Bank to set up a subsidiary locally.

The company, which is listed on the Australian Securities Exchange (ASX), is allowing its UK-broking arm to continue to service its clients following Brexit.

“This registration is important to the group, as the Brexit trade deal agreed on December 24th excluded financial services,” the broker said in an investor update.

“Being able to deal directly with European Economic Area [EEA] clients provides [the firm] with seamless continuity of service to our existing clients and the ability to attract new clients from within the EEA,” it added.

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PSC started out as a single insurance-broking business with five employees in 2006. It is now a highly diversified insurance business with more than 80,000 clients, serviced by more than 741 employees and partners.

It has been reported that the insurer is seeking to raise buyers for AUS$100 million (€63.2 million) worth of shares as it looks to secure further investment for acquisitions, having already completed 20 of them since listing in Melbourne in 2015.

Statutory revenues for the company increased from AUS$126.2 million to AUS$169 million last year.