Envest Group has outlined a new direction for its New Zealand business, announcing plans to discontinue its PSC Connect network and instead focus on expanding its equity-owned broking branches under the PSC Insurance Broking name.
PSC has operated in New Zealand for over 13 years, initially establishing the PSC Connect network in 2012 under the leadership of Dave Penfold.
In 2021, the company launched a majority-owned branch in Auckland, later extending its presence to Christchurch, Hamilton, Pukekohe, and Kapiti.
The business also includes a team dedicated to Mandarin-speaking clients.
According to Envest CEO Greg Mullins, the shift to equity-owned broking is a response to current market conditions and regulatory changes.
“We are looking to expand our branch network under the PSC Broking banner so that we can broaden our reach in New Zealand,” he said. “We want to build a meaningful presence by backing local insurance entrepreneurs.”
William O’Brien, national manager for PSC Insurance Broking NZ, said the company’s focus will be on both acquiring new businesses and growing organically.
“The strategic realignment of PSC in NZ allows us to focus on building our footprint, and the target is to double in size over the next 2–4 years,” he said.
Penfold, who has been instrumental in developing PSC’s New Zealand operations, will work with brokers affected by the transition.
He stated that options will be available for brokers who wish to remain within the PSC branch network, including the acquisition of portfolios or businesses.
“This is a difficult decision we’ve made, and I’d like to thank all our member brokers for their support since we launched 13 years ago. We are committed to supporting our PSC Connect Member Brokers through this transition and helping them take the next step in their journey,” Penfold said.
The PSC Insurance Broking brand became part of Envest Group in October 2023, following the acquisition of PSC Insurance Group Limited by The Ardonagh Group.
The announcement comes after Envest Group acquired a significant shareholding in Ando Insurance Group Limited, a New Zealand-based managing general agent (MGA).
The transaction is part of Envest’s broader strategy to strengthen its position in the local insurance sector.
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