IMAS acted as the exclusive financial adviser to PSP Insurance and Financial Solutions (“PSP”) on the sale of the business to AssuredPartners Holdings Limited (“AssuredPartners”).
Established in 1981, PSP is one of the largest insurance brokers in the South West of England. It provides commercial and private line insurance to a wide range of clients placing over £22m in gross written premium. PSP has over 80 employees operating across eight offices in Cornwall, Somerset. Devon, Hampshire and Wiltshire.
AssuredPartners is a US-based, full-service insurance broker providing commercial insurance, risk management, employee benefits and personal lines through consulting and services. Founded in 2011, AssuredPartners has acquired in excess of 380 agencies, with offices in four countries, 36 states in the US and circa 8,500 employees. The acquisition of PSP is part of AssuredPartners’ strategy to expand its footprint in the UK retail brokerage space.
IMAS was retained by PSP in early 2021 to advise the business and its shareholders on their strategic options and a sale. IMAS managed a tightly controlled and limited auction process, soliciting interest from a small number of interested parties. It advised PSP on all aspects of the transaction, including initial preparation and assisting the business throughout a due diligence process conducted by the buyer. The completion of the transaction is expected to take place in early 2022.