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December 7, 2021

AssuredPartners eyes expansion in UK via PSP deal

American full-service insurance broker AssuredPartners has announced plans to acquire PSP Group (PSP) to expand its UK operation in the South West.

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The financial value of the deal, which awaits regulatory approval, was not disclosed.

Established in 1981, PSP offers commercial and private line insurance through its offices across the South West, including Somerset, Devon, Cornwall, and Wiltshire.

PSP CEO Bob Parkins will continue to lead the agency’s team. It currently reports $6.5m in annualized revenue and places £22m in GWP.

AssuredPartners UK CEO David Heathfield said: “PSP has a great reputation in the South West and we’re excited about the role that PSP will be able to play in the ongoing expansion of our operations here in the UK.

“PSP has a strong reputation with insurers, businesses and private clients that will make the partnership between our two companies a powerful platform for further growth across the South West and beyond.”

Parkins said: “With a strong parent behind us we are well placed to continue our business plan of strategic acquisitions, attracting new talent and opening additional office locations across the South West.”

PSP’s acquisition comes close on the heels of acquisitions in Birmingham, Chester and Scotland.

Since its inception in 2011, AssuredPartners has acquired over 380 agencies and employs over 8,500 people, which makes it one of the largest independently owned brokers globally.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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