PSC Insurance Group (ASX:PSI)

Antony Robinson
Market Cap (AUD): 1.59B
Sector: Financials
Last Trade (AUD): 4.55 +0 (+0%)
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1. About

PSC Insurance Group (ASX:PSI) is a diversified insurance services group with operations in Australia, the United Kingdom and New Zealand. The company operates through 4 operating segments and have over 40 operating businesses across the Group.


Key businesses include:

  • PSC Insurance Brokers, providing commercial insurance broking across Australia. This comprises 12 offices, across more than 40,000 clients.
  • PSC Connect, an Authorised Representative network business across Australia and New Zealand. The Authorised Representatives operate commercial insurance broking businesses in their own right and PSC Connect provide business support.
  • Reliance Partners, a franchised network of Authorised Representatives in Australia, where the group also have an equity interest in the Partners’ businesses.
  • Across the 2 networks, there are approximately 200 Authorised Representatives providing services to over 50,000 clients.
  • Life Insurance Broking is provided across the Australian businesses to enable a ‘full service’ capability across the client base.
  • Workers Compensation Consulting is provided across the Australian businesses to enable a ‘full service’ capability across the client base.


Key businesses include:

  • Chase Underwriting provides underwriting services in the construction (property and liability) and plant and equipment industries.
  • Breeze Underwriting provides underwriting services in the hospitality, accommodation, equipment hire and professional risks industries and classes.
  • Medisure Indemnity provides underwriting services across the medical and healthcare industries.
  • An online travel insurance business across multiple brands, including Travel Insuranz and Insure4Less.

United Kingdom

Key businesses include:

  • Carroll Holman Insurance Brokers is a wholesale Lloyd’s and London Markets broker with over 1,000 supporting brokers.
  • Breeze Underwriting is an MGA (agency) specialising in property and liability classes across a number of underwriters.
  • Alsford Page & Gems is a reinsurance and international broker, with an increasing presence in the US MGA market.
  • Turner Insurance is a commercial insurance broker.
  • Easy Broking Online is an MGA specialising in property.
  • Chase Global is a construction based MGA operating predominantly out of the UK.
  • Paragon is a specialist insurance broker, operating in the Lloyd’s of London, Bermuda, European and International Specialty markets.


The Group also carry a number of investments on its balance sheet, the main of which is a 19.6% equity stake in BP Marsh & Partners plc – a UK based investment business, specialising in the insurance intermediation industry.

The Group has a proven track-record in growing businesses, both organically and via acquisition. When considering acquisitions, it seeks people that are aligned to company culture and where it can improve performance over time.

The Group's diverse portfolio of businesses range from start-up’s to mature. The Group looks to balance these so that it can continue to grow over time.

The Group owns the majority of its businesses 100%, however there are a handful with less than full control where the circumstances warrant and are working with new business partners.

The Group is Australian focused, with a meaningful presence in the UK. Over time, the Group expects the contribution from the UK businesses to range from 20-30%. The Group operates its businesses through numerous, separately licenced subsidiaries across Australia and the UK.

2. Business model

3. Strategy

4. Markets

5. Competition

6. History

7. Team

8. Financials

9. Risk