PSG Konsult, a Johannesburg Stock Exchange (JSE) listed financial services provider, announced today, 12 February 2018, that it has concluded an agreement to acquire the remaining short-term face-to-face advisory insurance brokerage business from Absa Insurance and Financial Advisers (AIFA).
This acquisition is strategically aligned to PSG Konsult’s acquisition of the Commercial and Industrial Short-Term Insurance Brokerage Business, as announced on SENS on 26 September 2017. The business consists of 83 advisers and over 31 000 clients with a personal lines focus. It will be seamlessly integrated into the PSG Konsult distribution network of PSG Insure advisers.
The acquisition is subject to conditions typical for a transaction of this nature, including regulatory approvals, and will be funded from existing cash resources. The acquisition will enhance PSG Insure’s footprint across South Africa.
The acquisition falls below the threshold that requires disclosure in terms of the JSE Listings Requirements.
However, the PSG Konsult Board deemed it appropriate to inform shareholders in the interests of full transparency. PSG Konsult’s core focus remains organic growth.
PSG Insure offers short term insurance solutions for individuals and businesses by partnering with leading insurance providers to deliver a wide range of insurance options.