Australian Insurance Group Buys Lloyd's Broker For £3.4M

Law360, London (November 14, 2019, 12:57 PM GMT) -- An Australian insurance group said it has bought British broker Carroll Insurance Group for approximately £3.4 million ($4.4 million), adding the London company to its U.K. business.

Melbourne-based PSC Insurance Group, which buys and turns around businesses, said it has completed its acquisition of all the share capital of Carroll Insurance, a broker that operates in the Lloyd’s of London market.

PSC, which owns more than 40 businesses, said it has paid 70%, or approximately £2.4 million, of the purchase price in cash. The Australian group will pay the final 30%, which will be adjusted depending on how much money Carroll Insurance makes,...

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