August 2, 2019 (London) – International law firm Proskauer announced today that it has advised the shareholders of Paragon International Holdings Limited (Paragon), a leading independent Lloyd’s and London Market broker, on its 100% sale to PSC Insurance Group Limited (PSC).
Paragon provides wholesale brokerage services to clients in the United States and both direct and wholesale brokerage services in the United Kingdom.
Coupled with PSC’s existing UK businesses, the acquisition will make the PSC Group a leading Lloyd’s broker with a greatly enhanced market profile with controlled premiums of approximately £500 million. The acquisition is conditional upon regulatory approval.
Proskauer boasts a market leading Private Equity M&A team with extensive financial services experience. Recent transactions have included advising the management of Ed Broking on its acquisition by BGC Partners, advising Aleph/Crestview on their investment in regulated insurance group Darag, and working with Preservation Capital on its strategic investment in MGA Cove Programs and its investment in BMS.
The Proskauer team was led by Corporate partner Richard Bull alongside associates Jenny Bowe, David Hill and Jodie Lowe. DWF LLP (Mel Simms and Laurie Clay) acted for PSC.