PSC steps up in NSW, announces Australia broking head
PSC Insurance Group is establishing a new NSW broking branch after taking an initial majority 70% stake in Aviation Marine General Insurance (AMGI).
The Melbourne-based broker announced details of the new branch in yesterday’s half-year results presentation, which saw the business raise its 2022/23 outlook after earnings in the six months to December rose sharply.
PSC says AMGI, a member of the PSC Network, has joined the group as a base for two further “bolt-in” acquisitions and forms a new broking business within the Australian broking franchise.
“The reason we’ve decided to focus on this one is that it’s something that we think is an illustration of the strength of PSC in the broking marketplace,” MD Tony Robinson said.
“This is a situation where we’ve had a business we’ve been involved in, that is being an authorised representative… and we have now successfully executed that to create a new branch in New South Wales.”
PSC also announced Ben Goodall now heads up Australian broking while Pat Miller has moved to the UK. Mr Miller previously led the Australian broking business.
Mr Goodall was most recently Managing Partner of PSC Griffiths Goodall Insurance Brokers, according to his LinkedIn. PSC acquired the broking operations of Griffiths Goodall in 2019 for $48 million.
PSC says it’s confident the business will continue to perform strongly after key earnings rose in the December half.
It has upgraded its full-year guidance for underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to $104-108 million from $101-105 million, and underlying net profit after tax before amortisation to $72-75 million from $70-73 million.
The revised outlook comes after the business achieved a 15% rise in underlying revenue to $137.8 million from a year earlier, 19% improvement in underlying EBITDA to $48.6 million and 27% surge in underlying net profit after tax before amortisation to $35.2 million.
“That reflects our confidence in the second-half,” Mr Robinson said.
The new guidance excludes any contribution from the Tysers UK retail joint venture that is set to commence on April 1.
