US insurance intermediary PCF Insurance Services has taken over the insurance business of 360 Insurance for an undisclosed sum.
Based in Las Vegas, Nevada, the acquired business is licensed to operate across the US.
360 Insurance, a provider of auto, home, commercial, and life insurance solutions, has been catering to both personal and business clients for over 75 years.
PCF Insurance said with this acquisition, clients of 360 Insurance can anticipate access to broader coverage options, competitive pricing, and additional services such as in-house risk management and claims advocacy.
PCF Insurance chief development officer Brooke DeWyze said: “360 Insurance was founded on the principles of superior service, trust and experience, which have served as the foundation for their continued success.
“We have identified Las Vegas as a priority market within our M&A strategy, and it became clear through our conversations with 360 Insurance that the team shares PCF Insurance’s commitment to extraordinary service and growth. Between their service-oriented culture and the markets they serve, 360 Insurance really is the perfect fit.”
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This acquisition is part of PCF Insurance’s expansion strategy and aligns with its goal of adding $50m in EBITDA by the end of this year.
The company has been actively pursuing mergers and acquisitions (M&A) to strengthen its market presence in key areas and improve its in-house capabilities.
Its M&A strategy focuses on businesses that complement its existing services and specialisations.
Last week, PCF Insurance acquired the insurance operations of DLD Insurance Brokers, which has expertise in managing risks for large-scale portfolios in sectors such as construction and technology.
In addition, PCF Insurance recently added Montalvo Insurance Agency in Texas to its portfolio.
The company’s acquisition spree also includes four companies in June, namely Ignitist in Pennsylvania, the Brady Agency in North Carolina, Roseberry Insurance Agency in Mississippi, and the Sinnott Agency in Iowa.
