PCF Insurance Services has revealed that its Founder, Chairman, and CEO, Peter C. Foy, is transitioning out of his CEO position. Foy has designated the current CFO and COO, Felix Morgan, to take over as the new CEO.
While retaining his role as the Chairman of PCF’s board of directors, Foy will be broadening his involvement as a company ambassador. This expansion includes a focus on nurturing internal and external relationships and providing support for the company’s mergers and acquisitions initiatives, according to a news release from PCF.
Morgan, who boasts over two decades of leadership experience, holds expertise in mergers and acquisitions, private equity, and capital markets.
With over 35 years in the industry, Foy’s history includes founding the benefits agency Peter C. Foy & Associates in 1987, swiftly establishing it as one of the largest insurance agencies in the greater Los Angeles area. Over time, Foy expanded the business through strategic partnerships with other entrepreneurs and agencies, culminating in the formation of PCF Insurance Services in 2017.
In 2018, PCF initiated its growth journey with its inaugural acquisition, propelling its expansion. By the close of 2022, the firm had completed 215 acquisitions.
Both Foy and Morgan led PCF through a successful management-led buyout from its investors in 2021, achieving a valuation of $2.2 billion. Earlier this year, in February, they secured a $500 million private equity investment, marking PCF’s valuation at $4.7 billion at the time of the investment.
In August, the company secured an additional $400 million in financing to expedite its M&A strategy. In September, PCF disclosed its acquisition of Florida-based Allied Marketing Insurance Group. Earlier in the year, the company announced the appointment of Rocky Steele as senior vice president of legal and compliance.
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