AssuredPartners International Announces Acquisition of PSP Group

PSP’s team of 80 will remain in place and under the leadership of CEO, Bob Parkins. The transaction, which is subject to regulatory approval, will be completed in early 2022.

Founded in 1981, with offices across the South West, including Somerset, Devon, Cornwall and Wiltshire, PSP is recognised as one of the leading providers of commercial and private line insurance in the region. Serving a broad range of clients, PSP places in the region of £22m GWP.

AssuredPartners is one of the fastest-growing, independent insurance agencies in the United States and the UK. This latest addition to the group follows closely behind UK acquisitions in Birmingham, Chester and Scotland. Founded in 2011, AssuredPartners has acquired in excess of 380 agencies, has offices in four countries and 36 states in the US and has circa 8,500 employees making it one of the largest independently owned brokers in the world.

David Heathfield, CEO AssuredPartners International, said: “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 operation here in the UK. The PSP team led by chairman Terry Parkins have 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.”

Terry Parkins enthused, “After 40 years building a successful business, we are delighted to be partnering with AssuredPartners. 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.”

Bob Parkins, CEO of PSP Group, commented: “AssuredPartners was not as well known to us as some of the other acquirers in the market 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.”