LEHI, Utah, Dec. 1, 2023 /PRNewswire/ — PCF Insurance Services, a top 20 U.S. insurance broker, today announced that Peter C. Foy is transitioning from Founder, Chairman and CEO to Founder and Chairman. Foy has appointed current CFO & COO Felix Morgan to CEO, ensuring continuity and acceleration of the company’s growth strategy.
As Founder and Chairman of the board of directors, Foy will expand his capacity as an ambassador of the company, primarily focusing on internal and external relationships and supporting M&A activities.
Morgan has 20+ years of leadership experience, including great success with mergers and acquisitions, as well as private equity, capital markets, and intensive growth achievement. He built his professional reputation on the ability to drive profitable growth for multibillion-dollar, private equity owned, Fortune 500 and Fortune 50 public companies.
“Felix will continue his leadership of our company as we drive expansion and value for partners, investors, and agencies. I’m excited to hand this role to a trusted partner who can lead PCF into the future,” said Foy.
A recent recipient of Insurance Business America’s Hall of Fame award, Foy is an insurance industry veteran and entrepreneur with more than 35 years of distinguished service. Having founded his own benefits agency Peter C. Foy & Associates in 1987, he quickly grew his agency to be one of the largest insurance agencies in the greater Los Angeles area. Foy continued to expand his business through partnerships with like-minded entrepreneurs and agencies, and as a result, PCF Insurance Services was formed in 2017 under Foy’s vision to provide growth support and shared services to all its acquired agencies.
Under Foy’s leadership, PCF Insurance secured its first investor in 2017 and completed its first acquisition in 2018 that would serve as the catalyst for an incredible expansion and growth trajectory, completing its 215th acquisition by year-end 2022.
Foy and Morgan led the company through a successful management-led buyout from its investors in November 2021 with a valuation of $2.2 billion. In February 2023, they secured a $500 million private equity investment, and at the time of investment, the valuation of PCF Insurance was $4.7 billion, followed by an additional $400 million in incremental financing in August to further fund the expansion and acceleration of its M&A strategy.
“Peter is a true pioneer and visionary of our industry. His entrepreneurial spirit and passion for bringing extraordinary people together built PCF Insurance and has paved the way for our collective success. With him stepping into this role and freeing him from day-to-day operations, I’m confident that PCF will reap the benefits of his innovative and strategic vision, and I am excited to continue to work side-by-side with Peter and his leadership,” says Morgan.
About PCF Insurance Services
A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers’ compensation solutions. Propelled by its people, PCF Insurance’s people-centric operating model and entrepreneurial environment support its tremendous growth profile. Ranked #20 on Business Insurance’s 2023 Top 100 Brokers and #13 on Insurance Journal’s 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space, with 3,500 employees across the U.S. Learn more at pcfins.com.
SOURCE PCF Insurance Services
