Shareholders of PSC Insurance Group Limited have agreed for the company to be acquired by The Ardonagh Group, one of the world’s largest independent insurance broking platforms, with offices in Bermuda and some 30 other countries.

Ardonagh has responded by noting that the A$2.3 billion (near US$1.6 billion) acquisition and combination will strengthen the group’s global position in the retail, specialty and wholesale broking markets to deliver greater scale and efficiency benefits to clients, insurers, brokers and agencies.

David Ross, CEO of The Ardonagh Group welcomed the overwhelming support from PSC shareholders.

He said: “The support from PSC shareholders highlights the sound rationale in merging these two leading businesses. The PSC story and strategy mirrors our own in many ways.

“Like Ardonagh, this is a business built on entrepreneurial spirit and high-quality teams moving in formation with each other, and we will have much to build on together very soon.

“PSC’s culture and values are closely aligned with ours, and its portfolio of complementary businesses offers significant opportunities to enhance our presence in Australia, as well as in wholesale and specialty markets globally. We’re excited to get to work.”

PSC chairman, Paul Dwyer said: “PSC was started with just five people 18 years ago. We are proud to have reached this milestone and thankful to the colleagues who have been on this remarkable journey with us as we built trust and equity in the market.

“We now look ahead to joining a global team in Ardonagh who share our drive and values. We believe this deal not only maximises value for PSC shareholders, but also offers a strong growth platform for PSC colleagues and clients with Ardonagh globally.”

The scheme is subject to approval by the Federal Court of Australia at a hearing scheduled for October 1 and the transaction is expected to close on or about October 11.