Skip to Content

PSC Insurance Group Ltd

View Stock Summary
Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Acquisition by Ardonagh Should Proceed Given Attractive Premium to Fair Value

Business Strategy and Outlook

PSC Insurance is an intermediary between small and large companies and insurers, enjoying a high level of recurring revenue given sticky customer relationships and insurance essentially seen as a necessity. Primarily operating in Australia, New Zealand, and the UK, PSC owns broker and underwriting businesses, and runs a network for independent brokers to access the benefits of being part of a larger group. PSC has made modest investment in Hong Kong, with future acquisitions likely if initial investments perform well and management gain better insight and comfort with the businesses. We estimate PSC accounts for around 3% of the intermediated general insurance market in Australia (in terms of gross written premium), much smaller than Steadfast and AUB Group.

Free Trial of Morningstar Investor

Get our analysts’ objective, in-depth, and continuous investment coverage of PSI so you can make buy / sell decisions free of market noise.

Start Free Trial

Sponsor Center