US insurance brokerage PCF Insurance Services has expanded its national footprint with the purchase of MK Insurance Group’s insurance business, a family-owned commercial and personal insurance agency.
Financial terms of the transaction were not divulged.
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Based in Hoover, Alabama, MK Insurance Group focuses on high-net-worth personal lines and has a long-standing history of providing solutions to the commercial real estate and construction sectors as well as the signage industry.
The acquisition marks PCF’s entry into the US state of Alabama.
MK Insurance Group will leverage its partnership with PCF to bring additional value to its customers through increased access to expert advisors, and advanced infrastructure and technology.
Utah-based PCF will also equip MK Insurance Group with new technologies that can help streamline the latter’s business transactions.
Additionally, PCF said its in-house risk management professionals and commercial claims advocacy group are set to bolster MK Insurance Group’s offerings by developing customised loss control programmes that can potentially reduce risks and insurance premiums.
The partnership will also allow MK Insurance to tap PCF’s strong carrier relationships, enabling the provision of more cost-effective coverage solutions.
MK Insurance Group principal Greg Mikos said: “We are eager to leverage the deep experience of the PCF team to accelerate our business growth and provide our clients with better coverage solutions, more competitive pricing, and increased market access.”
PCF Insurance chief development officer Brooke DeWyze said: “PCF is focused on intentional, strategic growth with businesses like MK that complement our deep bench strength, expand our subject matter expertise on industry verticals and have a solid track record that will enhance our leading position within the industry.”
Last year, PCF Insurance signed an enterprise deal with Vertafore, an insurance technology provider, to expedite its growth.
