Australia’s PCS Insurance buys Paragon outright for £42m

grow-money

Australia-based PSC Insurance Group has entered an agreement to buy Lloyd’s broker Paragon for a base amount of £42m.

PSC will acquire 100% of Paragon’s share capital in the deal.

The final amount paid will be dependent on Paragon’s Ebitda in 2019 and 2020.

The acquisition is conditional on approval from the Financial Conduct Authority.

Background
Paragon is an independent Lloyd’s broker founded in 1996 that specialises in professional and financial lines. The company presently employs over

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