March 13 (Reuters) - Australia's PSC Insurance

said on Wednesday it is in talks regarding a possible buyout

after being approached by multiple parties, confirming a local

media report.

The Australian Financial Review (AFR) reported on Tuesday

that the insurer has held informal discussions with at least two

offshore brokers and hired Goldman Sachs to handle preliminary

talks.

The AFR reported, citing sources, that "PSC's would-be dance

partners" were U.S.-based Arthur J. Gallagher ( AJG ) and the

UK's Ardonagh Group, which are both prolific deal-makers in

Australia.

However, PSC, which has a market value of about A$1.88

billion ($1.24 billion), did not disclose any details about the

parties or a deal value in its statement.

Arthur J. Gallagher ( AJG ) and Ardonagh did not immediately respond

to a Reuters' email for comment.

PSC said it was uncertain if the talks, which are subject to

due diligence and negotiation, would lead to a buyout offer.

($1 = 1.5124 Australian dollars)