Montalvo Insurance coverage Company sells insurance coverage enterprise to PCF Insurance coverage Companies

Montalvo Insurance coverage Company has offered its insurance coverage enterprise to cashed-up Utah-headquartered brokerage PCF Insurance coverage Companies for an undisclosed sum.

Earlier this 12 months, PCF efficiently raised $400 million in incremental debt financing in a spherical lead by Blue Owl. The elevating, which was elevated from an preliminary $300 million goal after excessive ranges of investor curiosity, signifies that the cashed-up insurance coverage firm has been in a position to proceed its sturdy shopping for spree.

Lifting the lid on the transaction, PCF Insurance coverage chief growth officer Brooke Okay. DeWyze (pictured) confirmed that the acquisition was largely motivated by Montalvo’s sturdy public entity sector enterprise. “Having served its southern Texas group for greater than 65 years, the Montalvo Insurance coverage group has deep-rooted relationships with their shoppers, particularly within the public entity sector, and that’s one of many facets we evaluation when seeking to carry new groups on board. The acquisition would be the sixth location for PCF within the Lone Star state.

The seven-person company was based by Ramon Montalvo II, who handed the enterprise to his son who additionally sits as a board member at Freedom Financial institution.

PCF Insurance coverage’s acquisition technique focuses on partnering with companies that goal to develop by leveraging in depth trade expertise.

Though there was no dialogue of redundancies, PCF hopes that the Montalvo group will acquire from the operational efficiencies and economies of scale obtainable by means of built-in help in areas together with advertising, enterprise intelligence, know-how, human assets, accounting, and authorized and compliance.

The acquisition comes on the heels of PCF Insurance coverage’s quadruple swoop in June for Pennsylvania-based Ignitist, North Carolina’s The Brady Company, Roseberry Insurance coverage Company in Mississippi, and The Sinnott Company from Iowa.

On the time, DeWyze identified: “At PCF Insurance coverage, we’re dedicated to accelerated and strategic enlargement by means of M&A – to not be confused with high-volume.

“Our method to M&A permits us to develop our operations in key markets – based mostly on our evaluation for development potential and alignment with our present footprint – whereas guaranteeing that every new enterprise that we combine aligns with our long-term imaginative and prescient and enhances our capabilities and specialization in key trade verticals.”

With 280 workplaces, PCF is among the 20 largest insurance coverage brokers within the nation, and claims over 420,000 shoppers.

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