PCF Insurance Services Transforms National Brokerage Network with 36 New Partnerships in 2020
WOODLAND HILLS, Calif., Feb. 4, 2021 /PRNewswire/ -- PCF Insurance Services ("PCF"), a leading national full-service insurance brokerage, today announced that it successfully partnered with 36 agencies in 2020, including 19 in Q4. PCF has achieved 103% growth since HGGC's strategic investment in April 2020 by building a national network of entrepreneurial agency partners. Significantly, PCF also launched a world-class Shared Services Center in Salt Lake City to support agency partners and built out a deep and sophisticated management team.
PCF's remarkable success in 2020 will result in better outcomes for clients, agency partners, carriers, and employees. PCF's growing network and partnership philosophy drives greater access to the nation's leading carriers and enables brokers to offer integrated risk management solutions bespoke to client challenges. The company was the fifth most active acquirer in 2020 according to The Hales Report by Dowling & Partners, and now boasts a national network of over 50 agencies with 70 offices. PCF's newly established Shared Services office provides agency partners with a wide range of operational and growth resources including technology, analytics, and human capital support, finance and accounting, advertising, marketing and communications, strategic planning, and carrier relations.
"Our focus on developing high-quality relationships with our entire network of stakeholders – investors employees, clients, and carriers has fostered incredible buy-in to an aligned vision across the PCF family," said Peter Foy, founder and CEO of PCF. "Thanks to these incredible partners, we've experienced transformative growth across our core capabilities and have built a significant presence in new regions and in new verticals like healthcare, transportation, charter schools, real estate, construction, and more. As PCF continues to excel during a hardening insurance market, we welcome other entrepreneurial business builders to join as partners in our shared success."
The company also enhanced its leadership team with world-class talent to provide strategic direction, operational excellence, and to foster an enviable culture and professional environment. Most recently, PCF welcomed new CFO, Felix Morgan, an experienced financial executive with extensive background driving profitable growth within multibillion-dollar companies.
"The PCF partnership is both personally and professionally thrilling to witness. Peter and his team are bringing a forward-leaning, entrepreneurial story to the insurance agency marketplace, and agency leaders and clients across the country are responding," said John Block, Partner at HGGC and PCF Board member. "We could not be more pleased with PCF's momentum in 2020 and in the continued opportunity to invest in such a high-character team and innovative insurance services model."
About PCF
Founded in 1987 and headquartered in Woodland Hills, CA, PCF is a full-service insurance brokerage firm which provides complete risk management solutions with a broad array of property & casualty, life and health, employee benefits and workers' compensation insurance products. Due to its scale and growth, PCF is a top 30 broker in the United States by revenue. Additional information can be found at www.pcfinsuranceservices.com.
About HGGC
HGGC is a leading middle-market private equity firm with $5.4 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since 2007, HGGC has completed more than 200 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of over $28 billion. More information, including a complete list of current and former portfolio companies is available at www.hggc.com.
SOURCE PCF Insurance
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