PSG Konsult acquires portion of Absa brokerage business

PSG Konsult (KST), a listed and independent financial services provider, has concluded an agreement to acquire Absa Insurance and Financial Advisers Proprietary Limited’s (AIFA) commercial and industrial insurance brokerage business.

This business is made up of 102 advisers and in excess of 32,000 clients across the country.

The acquisition is subject to conditions typical for a transaction of this nature including regulatory approvals.

“This acquisition, which will be funded from existing cash resources will substantially enhance PSG Insure’s footprint across South Africa, including some areas where we were not previously represented, importantly, making our advice offering more accessible to clients,” says Dan Hugo, Chief Executive of Distribution at PSG.

PSG Insure offers short term insurance solutions for individuals and businesses. They partner with leading insurance providers to deliver a wide range of insurance options.

“PSG Konsult’s core focus remains organic growth, but it will consider selective acquisitions that we can seamlessly integrate from a business and culture fit perspective”, said Hugo.

Read: Taking out a loan in South Africa is getting harder as banks curb lending

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PSG Konsult acquires portion of Absa brokerage business