PCF Insurance Services gifts $8.2 million to employees
Lehi — PCF Insurance Services (“PCF”), a leading national insurance brokerage, announced today that its management team has gifted $8.2 million to be equally distributed among its nearly 1,800 employees.
The announcement follows the completion of PCF’s management and partner-led buyout from financial sponsor HGGC, which valued the business at more than $2.2 billion.
“This is an exciting time for our organization,” says PCF Founder and CEO Peter Foy. “Our success stems from the commitment and dedication of our employees. We’re all in this together, and we’re excited to make good on our longstanding promise that we will all share in our collective prosperity. We work together and we win together. Simply put, we are reinvesting in our people. It’s worth it for us to spend every dime we can on those who directly contribute to our collective success.”
Since HGGC’s investment in 2020, PCF has completed over 100 partner transactions and is on pace to finish 2021 as one of the industry’s top three acquirers. PCF anticipates finishing the year with nearly $400 million in revenue.
PCF’s agency-centric operating model and entrepreneurial environment support its tremendous growth profile as a top 20 US broker. The organization’s expanding network of partner agencies includes more than 100 members in over 150 locations across the US that offer depth and breadth across a spectrum of industries and areas of expertise.
Every member of the organization is united by a shared commitment to fostering a collaborative culture that prioritizes cultivating and sustaining quality relationships and aspires to operational excellence while delivering world-class service.
“I cannot express how much I love working at PCF. Management’s generosity just confirms what I already know – that this company is where I want to be for a long time,” says Veronica Ho Ching, executive assistant. “Hearing people crying at their desks because they received this amazing gift makes me very proud to say that I am an employee here.”
Stephanie Perkins, senior payroll associate, adds, “I am thrilled, not because I received money, but because I am truly appreciated at work. Receiving recognition for working hard is what employees strive for, and now I am thinking about what I can treat my grandkids to for Christmas as a result of this generous gift.”