PSC Insurance (ASX:PSI) to buy Alan Wilson Insurance Brokers

PSC Insurance (ASX:PSI) is set to acquire Alan Wilson Insurance Brokers (AWIB) for $17.5 million.

The insurance business said AWIB is an insurance broking business based in Traralgon, regional Victoria with specific expertise in the fire protection industry.

It also said the acquisition is expected to generate an incremental EBITDA of greater than $1.8 million in its first twelve months.

“We are delighted to welcome Alan and the AWIB team to the PSC Group. PSC and Alan have a long history together, particularly for Paul Dwyer whose first job in the insurance broking industry was in 1996 with AWIB,” said managing director Tony Robinson.

“We are delighted to be partnering with Alan to grow the AWIB business and to provide the continued high levels of service to the clients of AWIB.”

The acquisition is expected to close by the end of May.

Shares in PSC Insurance (ASX:PSI) are trading 0.2 per cent lower at $4.54.