Forty-year-old insurance broker PSP Group, which has offices across England’s South West region, has been snapped up by Florida-headquartered agency AssuredPartners for an undisclosed sum.
“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,” said AssuredPartners UK chief executive David Heathfield.
“The PSP team led by chairman Terry Parkins has managed to achieve significant scale over the years in what is an extremely competitive marketplace. 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.”
Under the deal, PSP’s 80-strong roster will remain intact. Still at the helm is chief executive Bob Parkins, who is based in the Torquay office.
“AssuredPartners was not as well known to us as some of the other acquirers in the market,” noted the CEO, “but as soon as we began our dialogue with David and the team, it became clear that they offered something different.
“We’re tremendously proud of the business that we have built, and I see this event as a means by which we can maintain our company DNA and continue the PSP success story. 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.”
Established as Parkins Scutt & Partners in 1981, PSP has been growing through its own swoops. In 2019, the same year the business opened its Southampton site, PSP acquired Parkers LLP and Paul Hicks Insurance.
“After 40 years building a successful business, we are delighted to be partnering with AssuredPartners,” commented Terry Parkins. “The whole PSP team is looking forward to this exciting new period in our story, and the opportunities before us.
“The mutually strong cultural fit was self-evident from the outset of our discussions, and with our aspirations to make further acquisitions in the region our growth strategies are perfectly aligned.”
