PCF Insurance Services, a US-based insurance brokerage firm, has secured a $500m preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm HGGC.
PCF Insurance also received significant investment participation in the transaction with funds managed by Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business.
At the time of investment, the valuation of PCF Insurance is $4.7bn.
J.P. Morgan served as the sole placement agent to PCF Insurance in connection with the transaction.
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.
Led by founder, chairman and CEO Peter C. Foy and chief financial officer and chief operating officer Felix Morgan, PCF Insurance serves more than 415,000 clients.
Since executing its management-led buyout in November 2021, PCF Insurance completed more than 100 partner transactions and increased its revenue to $700m.
Foy said, “This transaction marks a significant milestone in our pursuit of building a premier insurance brokerage firm in the US.
“We have built our agency-centric business model around long-term, sustainable growth, and I’m proud that PCF is positioned to continue investing in the growth of our agencies, especially during these recent times of economic uncertainty. We are grateful for the contributions of our partner investors who have supported us with the unique opportunity to accelerate growth.”
Gary Jacovino, managing director for Carlyle Global Credit, added, “PCF Insurance Services has experienced tremendous growth as a result of its unique client- and employee-centric operating model. We are delighted to be partnering with an exceptional management team and group of Agency Partners, and are confident PCF will achieve its long-term strategic growth objectives with the support of Carlyle Global Credit, HGGC and our partner investors.”
Earlier this month, Goose Insurance Services, a Vancouver-based insurance app, raised $4m in Series A funding.
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