PCF Insurance Services has announced that founder, chairman and CEO Peter C. Foy (pictured above left) is transitioning out of his CEO role.
Foy has appointed current CFO and COO Felix Morgan (pictured above right) to succeed him as CEO.
As founder and chairman of PCF’s board of directors, Foy will expand his role as a company ambassador, focusing on internal and external relationships and supporting the company’s M&A activities, PCF said in a news release.
Morgan has more than 20 years of leadership experience. He has expertise in mergers and acquisitions, private equity and capital markets. During his career, he has driven 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,” Foy said. “I’m excited to hand this role to a trusted partner who can lead PCF into the future.”
Foy, who was recently named to Insurance Business America’s Hall of Fame, has spent more than 35 years in the industry. He founded a benefits agency, Peter C. Foy & Associates, in 1987, quickly growing the firm to be one of the largest insurance agencies in the greater Los Angeles area. Foy continued to expand the business through partnerships with other entrepreneurs and agencies, forming PCF Insurance Services in 2017.
In 2018, PCF completed its first acquisition, jumpstarting its growth. By the end of 2022, the firm had completed 215 acquisitions.
Foy and Morgan also led PCF through a successful management-led buyout from its investors in 2021, with a valuation of $2.2 billion. In February of this year, they successfully secured a $500 million private equity investment. At the time of the investment, PCF was valued at $4.7 billion.
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In August, the company received an additional $400 million in incremental financing to accelerate its M&A strategy.
“Peter is a true pioneer and visionary leader of our industry,” Morgan said. “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 work side-by-side with Peter and his leadership.”
In September, PCF announced that it had acquired Florida-based Allied Marketing Insurance Group. Earlier this year, the company announced the appointment of Rocky Steele as senior vice president of legal and compliance.
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