HWL Ebsworth acts in $48m sale of insurance broker

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HWL Ebsworth has advised Griffiths Goodall Insurance Brokers (GGIB) on the sale of its business to ASX-listed insurance broker PSC Insurance Group for $48m.

The firm’s team was led by partners Brendan Earle and Kate McKeough, with assistance from partners Shaun Cartoon, Peter Kay, and Tim Frost.

"We were delighted to advise the vendor on this strategic transaction which will see GGIB's clients have greater access to global insurance providers and products to meet their individual needs,” said Earle.

Based in Victoria, GGIB was established in 1989 and has since grown to become one of the largest regional independent insurance brokers in Australia. The company is well-diversified, with expertise in commercial, industrial, transport, logistics, pleasure-craft, agri-risk, and personal insurance.

The transaction involved cash and scrip in PSC, with some of the purchase consideration subject to adjustment under typical revenue-related mechanisms.