PSC Connect New Zealand has acquired the client portfolio of Montage General Insurance, forming a new entity known as PSC Montage General Insurance.
Montage was owned by Bill O’Brien, with the general insurance business managed by his son William. It offers both commercial and personal lines.
As part of the transaction, William O’Brien will join the PSC management team, along with the existing staff, who will continue to manage the client portfolio from PSC’s offices in Auckland.
“This acquisition will add a lot of strength to our NZ operation which comprises of over 50 independent broking businesses operating within our network that we provide management and financial support to,” said Dave Penfold, director of PSC Connect NZ.
According to Tony Walker, CEO of PSC Network Partners (Australia and NZ), the deal is a significant acquisition in the New Zealand market, following the acquisition of Dave Fielding Financial Services’ client portfolio in November 2020.
As a result, PSC’s combined NZ businesses now manage over $100 million in premium, which is expected to double over the next four years.
In 2012, PSC launched PSC Connect NZ, its network partner general insurance division, followed by its life advisor business, PSC Connect Life NZ, with Steve Morris as director.
PSC’s insurance broking division manages the NZ operations of its Australia-based clients, the Brokerslink global network and Howden One NZ-based clients.