Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

<ul>
 <li>PSC Insurance Group is a diversified insurance intermediary with a strong track record of growth through both organic expansion and strategic acquisitions, operating primarily in Australia, the UK, New Zealand, and Hong Kong.</li>
 <li>The company was recently acquired by The Ardonagh Group, a global insurance broking powerhouse, in a landmark A$2.3 billion transaction. This is expected to significantly enhance PSC's scale, global reach, and competitive positioning.</li>
 <li>PSC's business model is focused on providing a wide range of insurance broking and underwriting agency services to small-to-medium enterprises (SMEs) and corporate clients, generating revenue primarily from commissions and fees.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  PSC Insurance Group is a diversified insurance intermediary with a strong track record of growth through both organic expansion and strategic acquisitions, operating primarily in Australia, the UK, New Zealand, and Hong Kong.
  The company was recently acquired by The Ardonagh Group, a global insurance broking powerhouse, in a landmark A$2.3 billion transaction. This is expected to significantly enhance PSC's scale, global reach, and competitive positioning.
  PSC's business model is focused on providing a wide range of insurance broking and underwriting agency services to small-to-medium enterprises (SMEs) and corporate clients, generating revenue primarily from commissions and fees.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Psc Insurance (PSI AU) - Oct 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>First, EQT, then CVC joined, in a A$45/share NBIO for <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB (AUB AU)</a>, an insurance "matchmaker": <a href="https://skr.ma/J2CwJ" target="_blank" rel="noopener">CVC Joins EQT In Pursuit Of AUB Group (AUB AU)</a>. Talks <a href="https://announcements.asx.com.au/asxpdf/20251201/pdf/06sr2bsh6yv802.pdf" target="_blank" rel="noopener">ceased</a> this week. </li>
<li>Reportedly, AUB’s larger insurance rival, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, is now attracting PE interest, such as Blackstone.</li>
<li>Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly - now concluded on "a confidential basis", with Kelly resuming his roles. </li>
</ul>


First, EQT, then CVC joined, in a A$45/share NBIO for AUB (AUB AU), an insurance "matchmaker": CVC Joins EQT In Pursuit Of AUB Group (AUB AU). Talks ceased this week. 
Reportedly, AUB’s larger insurance rival, Steadfast (SDF AU), is now attracting PE interest, such as Blackstone.
Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly - now concluded on "a confidential basis", with Kelly resuming his roles. 


Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>In response to an AFR article, <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a> confirmed that on 26 September, it received a non-binding proposal from <a href="https://www.smartkarma.com/entities/eqt-ab" target="_blank" data-smartkarma-citation="entities:28922:1" rel="noopener">EQT (EQT SS)</a> at A$45.00.</li>
<li>While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT's history of unsuccessful ASX tilts warrants some caution. </li>
<li>The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. </li>
</ul>


In response to an AFR article, AUB Group Limited (AUB AU) confirmed that on 26 September, it received a non-binding proposal from EQT (EQT SS) at A$45.00.
While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT's history of unsuccessful ASX tilts warrants some caution. 
The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. 


AUB Group (AUB AU): EQT’s NBIO at A$45.00

<ul>
<li>For the month of October 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in October was ~26%. The average premium YTD is ~42%.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of October 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.
The average premium for the new transactions announced (or first discussed) in October was ~26%. The average premium YTD is ~42%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Oct 2024: Arcadium, T Gaia, Elematec, NEC Network, MPHB, Sigma Health, Fuji Soft

<ul>
<li>I tally 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto (RIO AU)</a>'s tilt for <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>, and the <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Junan Securities (2611 HK)</a>/<a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities  (H) (6837 HK)</a> merger.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a> and <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>.</li>
</ul>


I tally 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed this week: Rio Tinto (RIO AU)'s tilt for Arcadium Lithium (LTM AU), and the Guotai Junan Securities (2611 HK)/Haitong Securities  (H) (6837 HK) merger.
Key updates took place on: Seven &amp; I Holdings (3382 JP), Pacific Smiles (PSQ AU), China Traditional Chinese Medicine (570 HK) and Korea Zinc (010130 KS).


(Mostly) Asia-Pac M&A: Rio/Arcadium, Seven & I, Pacific Smiles, China TCM, Korea Zinc

Australia

PSC Insurance Group Limited provides insurance brokerage services. The Company offers services such as risk management, workers compensation, business protection, worth insurance, claims settlements. PSC Insurance Group conducts its business globally.

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Psc Insurance (PSI AU)

Primer: Psc Insurance (PSI AU) - Oct 2025

PSC Insurance Group is a diversified insurance intermediary with a strong track record of growth through both organic expansion and strategic...

αSK

AUB Group (AUB AU): EQT’s NBIO at A$45.00

While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples.

Arun George

(Mostly) Asia M&A, Oct 2024: Arcadium, T Gaia, Elematec, NEC Network, MPHB, Sigma Health, Fuji Soft

For the month of Oct, 10 new deals were discussed on Smartkarma with an overall deal size of just ~US$9bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia-Pac M&A: Rio/Arcadium, Seven & I, Pacific Smiles, China TCM, Korea Zinc

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Psc Insurance (PSI AU) - Oct 2025

PSC Insurance Group is a diversified insurance intermediary with a strong track record of growth through both organic expansion and strategic...

αSK

Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint

There is, as yet, no Offer. Steadfast's share price has failed to recover from the internal complaint. EQTCVC walking from AUB does no favours....

David Blennerhassett

AUB Group (AUB AU): EQT’s NBIO at A$45.00

While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples.

Arun George

(Mostly) Asia M&A, Oct 2024: Arcadium, T Gaia, Elematec, NEC Network, MPHB, Sigma Health, Fuji Soft

For the month of Oct, 10 new deals were discussed on Smartkarma with an overall deal size of just ~US$9bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia-Pac M&A: Rio/Arcadium, Seven & I, Pacific Smiles, China TCM, Korea Zinc

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett