Headquartered in Lindon, PCF Insurance Services has built a billion-dollar enterprise by acquiring local insurance agents around the country and offering the administrative and technical services to allow them to serve their customers.
With a culture that values, celebrates and cares about its clients, employees and communities, PCF Insurance puts people before profits, but the byproduct of that is a company ascending to success.
When it comes down to it, I see insurance as a people-helping-people business, where relationships matter. As one of the nation’s largest insurance brokerages, we at PCF Insurance love the industry we’re in and think it’s a great way to make a living.
PCF Insurance started more than 20 years ago as a benefits agency in California, eventually growing to numerous offices, before being acquired by a private equity firm in 2020. With that influx of capital, PCF did a run of 37 acquisitions of independent insurance agencies around the country.
After joining the company in 2021, I knew we were just getting started. The firm was debating whether or not to sell, so I suggested a management buyout. This would allow employees and management more control of the company. In November 2021, I led the company through the process of buying the company and continued pushing forward. Over the next two years — 2022 and 2023 — we acquired 172 independent insurance offices around the country and headed straight up the mountain, so to speak.
Most of the independent agency owners and staff stay with us because our shared services offering allows them to continue growing their business and expanding their capacity. We offer administrative services — HR, accounting, IT, transactional systems — for each office we acquire, letting them focus on the clients they’ve served for years.
While I love that we have offices in 40 states, I particularly love that Utah is home because of the local universities that produce great talent and the quality of life here. We were drawn to the emerging professionals from two of the best accounting schools in the country, and we have seen the talents expand to IT and computer science. Utah is a great place to do business and a place we love to be. We want all of our neighbors to know we’re here and can offer the best in insurance services in their backyard.
We’ve flown under the radar for a few years, and while we may not be a household name yet, our multi-billion-dollar company now ranks among the top 20 largest insurance brokerages in the country by revenue. With over $8 billion in premium and more than 5,000 employees across the country — about 800 of whom are in Utah — we are proud to be a driving force in the local economy.
We are invested in Utah Valley and the Utah economy at large. We want to be the insurance advisor for other Utah-based companies in every industry. We offer everything the brokers in Chicago and New York offer, but do it with a smile, a handshake and a local touch because the communities we serve are the same ones where we live and work.
We also benefit from having more than 1,000 shareholders, including employees at all levels of the company and equity ownership with every office we acquire. We’re selective with the insurance businesses we choose to work with and acquire — we say “no” 10 times more than we say “yes” — but find that our quality acquisitions are keys to our collective success. Our corporate offices are filled with people who are a good cultural fit and dedicated to treating our clients and each other with dignity and kindness. It’s the way I think business should be done at every level.
Our corporate offices are filled with people who are a good cultural fit and dedicated to treating our clients and each other with dignity and kindness,” says Felix Morgan, CEO. “It’s the way I think business should be done at every level.