Australia's PSC To Buy UK Insurance Broker Paragon for £42M

Law360, London (July 26, 2019, 12:36 PM BST) -- Australian-based PSC Insurance has agreed to buy Lloyd's of London broker Paragon International for £42 million ($52 million), the companies have announced, subject to approval from the Financial Conduct Authority.

The broker will acquire 100% of Paragon International Holdings Ltd., which specializes in financial and professional insurance lines. PSC will become a leading broker for Lloyd’s, the specialist insurance market, after the deal.

The cash will be paid in three installments over the next 18 months, a statement from the insurers said after the deal was announced on Thursday. PSC Group will control more than AU$1.5 billion ($1.04 billion) in premiums once...

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