PCF Insurance giving $8.2M to employees

Peter Foy, Founder and CEO of PCF, said: “Our success stems from the commitment and dedication of our employees.  We're all in this together, and excited to deliver on our long-standing promise that we'll all share in our collective prosperity. Peter Foy, Founder and CEO of PCF, said: “Our success stems from the commitment and dedication of our employees. We’re all in this together, and we’re excited to deliver on our long-standing promise that we’ll all share in our collective prosperity.” (Credit: ngad/Adobe Stock)

The company reports that the PCF Insurance Services management team is splitting $8.2 million equally among 1,800 employees this holiday season.

The news follows a management and partner-led purchase that valued the business at $2.2 billion from financial sponsor HGGC, LLC, a California-based private equity firm.

“This is an exciting time for our organization,” PCF founder and CEO Peter Foy said in a statement. “Our success stems from the commitment and dedication of our employees. We are all in this together, and we are excited to deliver on our long-standing promise that we will all share in our collective prosperity. We work together and win together. Put simply, we reinvest in our people. It is worth spending every cent we can on those who contribute directly to our collective success.”

PCF has reported that since 2020, it has completed more than 100 partner deals and is set to close this year as one of the top three acquirers in the industry. The company expects to end 2021 with revenues of approximately $400 million.

“I cannot express how much I love working at PCF. The management’s generosity only confirms what I already know – that this company is where I have wanted to be for the long haul,” Veronica Hu-ching, Executive Assistant, said in a statement. “Hearing people cry at their desks because they received such a wonderful gift makes me very proud to say that I am employed here.”

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