The Insurance Business Hall of Fame 2023

Living Legends

Being inducted into IBA’s Hall of Fame is no small achievement. Only those who have an exceptional track record are considered. 

One of the judges, Bill Johnson, CEO, founder, and chairman of The Liberty Company Insurance Brokers, says, “This industry has a lot of great people, and this group was the best of the best. Their integrity led to their success over time because this is a people business, and when people are operating throughout their careers with integrity, it clearly reflects in their results and accomplishments.” 

He also listed key attributes the 2023 inductees possess: 

  • vision

  • creativity

  • determination

While another of the judges focused on entrepreneurial spirit. 

“I wanted some to see somebody who had an impact on total business everywhere, meaning they may have taken a small company, decided to buy up other companies, set up new operations, and successfully expanded those businesses,” says Joe Boren, senior advisor at Synapse Services. 

Boren also mentions some other advantageous attributes: 

  • community leaders

  • building a business outside of their comfort zone

  • training or mentoring individuals who went on to achieve greater success

The Insurance Business Hall of Fame 2023


Peter C. Foy – PCF Insurance Services 

Numbers tell part of a person’s story. In 1987, Foy founded PCF Insurance Services in Utah. Over the years, his journey reached remarkable heights:

  • In 2017, the firm secured its first investor. 

  • By 2018, PCF had acquired its initial agency partner. 

  • The firm completed 10 acquisitions by 2018, which surged to 215 by 2022. 

  • In November 2021, the firm achieved a valuation of $2.2 billion.

  • PCF’s annual revenue in 2022 hit $700 million, a significant jump from $203 million in 2020. 

  • By February 2023, the firm’s valuation had soared to an impressive $4.7 billion.

Foy says, “Back when I started, I came out of a large broker after about three or four years. I just couldn’t do that; I needed to do something on my own.” 

He recalls printing glossy maps of the US and having plans to have offices dotted across them. 

“It took a while to get to that point,” Foy says. “We kept building and realized we were just one office, and we did business all over the country and had some overseas clients too, but my goal deep down was to have offices all over the place.” 

The time to make that happen came in 2016. Foy rebuffed offers for his firm and instead made a deal with a private equity group. What impressed them was his model for growth. 

“A lot of people plan to acquire a guy who’s older and going to retire, and let’s get his book. Well, that wasn’t my thing,” Foy says. “My thing is, let’s go get a bunch of people who are still really entrepreneurial and want to grow and continue to grow.” 

The ethos was about doing more together rather than taking over. 

Foy says, “My thought is to put them on track and let them run. I want to give them the right boundaries to work within.” 

At the time of the first investment, PCF had one office with 21 team members and had revenue of around $6 million. Now, the firm has 275 offices and almost 4,000 employees. 

Due to the size of the operation, Foy has become a figurehead and stamped his policies through the entire organization. 

“I am like a sports coach. Our whole thing is to take good organizations and just give them the resources so they can be great. I couldn’t do this on my own,” he says. 

Underscoring that initiative, Foy refers to the firms that have become part of PCF as “partners”. Over 1,000 people also have equity in the company, which again was something he insisted on. 

“I want them to participate in our success, as we’re all in this together,” he says. 

Foy has set specific parameters for how he envisions the business’s performance, which include: 

  • honesty 

  • ethical practices

  • morality

He also concedes that his approach of encouraging people to grow and take on challenges means that mistakes will be made. 

“Just don’t make the mistake that brings organizations down,” he jokes. “But seriously, I understand if you get the opportunity to run, and these are a bunch of entrepreneurs who are not looking for people to tell them what to do. If they have a problem, it’s how we figure it out together as a team.” 

Allowing his people to have the freedom to drive forward, make mistakes, and learn rests on Foy’s ability to understand he cannot micromanage as it would undermine the talent. 

He says, “One of the greatest assets I have is the ability to hire smarter people around me and not try to control everything. Everybody’s got an ego, but I try to check mine and make sure that these people get all the credit for what they do because that’s really what’s growing this company. 

“I believe that as the CEO of a company, your only job is to get all the obstacles out of the way so people can do their work.” 

While PCF is dispersed nationwide, it has two events per year where all the offices come together, one for employees and the other for families. Keeping a strong culture is fundamental going forward for Foy, as he is nowhere close to turning down his engine. 

“I make sure at the top I’ve hired great leaders that hire great people below them, so we’re always getting the right people,” he says. “We look to hire somebody almost overqualified for the job they’re doing now, because we know where they are going to go.” 

There are plans to take the size of the team up to 8,000 and then 12,000. No matter how big PCF becomes, Foy is sticking to his core values. 

He says, “We have so much responsibility for all those people and their careers. I take that really seriously because their livelihood is dependent on this organization. We have got to treat them right and make sure they have a future.” 


Peter C. Foy
“I get energy out of doing this, but I make sure that it’s not only about me, but what’s good for the organization”
Peter C. FoyPCF Insurance Services


Mario Vitale – Resilience 

After over 45 years of hard work, mostly in leadership positions, most individuals would take a step back. But that’s what separates Vitale from the rest. His impressive CV includes roles such as:

  • CEO of Aspen’s Global Insurance operations

  • CEO of Global Corporate, Zurich Financial Services 

  • CEO of Willis North America 

  • chairman of Willis Global Large Account Practice in 2002, overseeing the broker’s efforts with the Fortune 1000 

  • member of the WNS Global Services board of directors

However, he’s more engaged than ever as president of New York-based Resilience, a pioneering firm committed to building a more effective model for the cyber insurance market. Demonstrating the significant value he’s added compared to industry averages, the firm has: 

  • achieved a loss ratio three times lower 

  • maintained an insured base twice as resilient to ransomware

Vitale’s new chapter began after he provided consulting services to a group of tech experts, but he could see that combining their composite skills would create a powerful and successful insurance company.

“I say insurance is in the DNA of capitalism, and I know that it adds tremendous value to risk management, and that’s what I dedicated my progression to,” he says. “So, when I saw this tremendous opportunity around 2018 when I first met the cofounders, I saw we could really take the dream to the next level of protecting clients with cyber resiliency. It’s another exciting chapter in the book for me.” 

During his consultancy period, Vitale noticed cyber was an issue for the industry. 

He says, “I saw insurance companies that didn’t know what they were doing and were losing money, therefore running away from the business. I saw CEOs of insurance companies saying that cyber risk was not insurable. I’m like, ‘OK, if it’s impossible, then this needs Mario Vitale’.” 

The firm is now established and has plans to expand globally. But why did Vitale want to take on such a challenge at this stage? 

“Well, I don’t play golf. This is my passion; this is not a job,” he says. 

The Insurance Business Hall of Fame 2023

Vitale has steered Resilience to become experts in cyberspace and remains focused on that. 

He says, “We’re good at it, but we have got to get even better until we’re absolutely masters, as the bad guys are not sleeping; they’re still out there figuring out more and more devious ways to breach not just clients but all the vendors of those clients. It’s on many different levels.” 

Part of the appeal of Vitale is going beyond creating success for Resilience and helping the community at large. Cyber protection is a fast-changing environment, and many businesses are naive to the dangers. 

“The co-founders and I wake up every day and think about how to keep our clients safe,” he says. “If we keep them safe, we keep society safe, and that goes to the core of who we are.” 

But Vitale recalls a memory of when he felt things were moving in the right direction and opened the door to what he has gone on to become. It came from the Home Insurance Company, which no longer exists. They had a problem in the office in Connecticut where a string of managers had been unable to make money and had been fired. It got to the point where no one wanted the role until 28-year-old Vitale volunteered. 

He says, “I told the guy I would do it, and he burst out laughing. He told me I’d be the youngest person in the whole office up there, and I said, ‘I don’t care; that sounds like a plus’.” 

After deliberation, Vitale was handed the role, and two years later, it was one of the company’s most profitable, earning him a promotion. 

“I built up the morale, and they did really well, so that might have been the moment when I first realized I could do anything they threw at me,” he says. 

Not only did it build his confidence, but it also instilled a sense of giving younger colleagues a helping hand where possible, including chairman and CEO of AIG Peter Zaffino and Anna Machalska, vice president at Zurich North America. 

“I do mentoring because it’s fun, but also because somebody took the time when I was young and put their arm around me. I’ve always taken the time to do that because I remember I wouldn’t be where I am if someone didn’t take me under their wing,” Vitale says.


Mario Vitale
“Everybody finds their own level, and I think those who are successful leaders rise to the top. For me, it was natural; I didn’t even think about it”
Mario VitaleResillence



Meet the judges


The Insurance Business Hall of Fame 2023

  • Bob Greenebaum
    Executive Vice President, Central Division Leader, and National Casualty Practice Group Leader
    CRC Group
  • Eileen Frank
    Chief Executive Officer and President
    JP West
  • Jonathan Axel
    President, Retail Property and Casualty
    The Liberty Company Insurance Brokers
  • Rusty Reid
    Chairman, Chief Executive Officer, and President



Starting in June, Insurance Business America invited insurance professionals from across the country to nominate standout industry veterans for the annual Hall of Fame. 

This year’s Hall of Fame class was selected by an independent advisory panel of industry leaders and previous Hall of Fame honorees, including:

  • Bill Johnson, The Liberty Company Insurance Brokers

  • Debbie Babcock, Insurance Industry Charitable Foundation

  • Joseph Boren, Synapse Services

  • Mike Falvey, Falvey Insurance Group

Nominees had to have been in the industry for at least 35 years.

The panel considered each nominee’s history of distinguished service to the insurance profession, the leadership and inspiration they provided to others in the sector, their role in guiding future generations of entrepreneurs and business leaders, their contributions to the leadership and direction of industry associations, and any visionary strategies and innovations that have made an outstanding contribution to the industry as a whole. 

The seventh annual Hall of Fame report is proudly supported by ACORD and APIW.

About the supporting associations


The Insurance Business Hall of Fame 2023


ACORD is a non-profit, industry-owned organization. For 50 years, ACORD has enabled the success of the global insurance industry by facilitating the flow of data and information across all insurance stakeholders through relevant and timely data standards. 

ACORD moves the global insurance industry forward by encouraging and facilitating global information, enabling improved efficiency, and implementing effective, strategic positioning. 


The Insurance Business Hall of Fame 2023


APIW is dedicated to encouraging women to lead the future of the insurance industry through participation, progressive education, and engagement with forward-thinking industry professionals. 

Dedicated to creating a bright future for insurance with the women leaders of today and tomorrow, the organization has been actively engaged in the following initiatives: 

  • communicating the value of APIW membership and corporate sponsorship 

  • engaging with other organizations, such as the NYC AIW, which supports professional women in insurance

  • seeking member feedback and looking at membership and event attendance trends

  • helping the next generation of professional insurance women as they embark upon their careers

  • launching a San Francisco Network 

  • enhancing diversity, inclusion, and a sense of belonging at APIW by identifying the composition of the membership and tailoring programs and development initiatives to ensure all members feel a strong sense of belonging

  • participating with WSIA, Gamma Iota Sigma, CIAB, HBCU Impact, IABA, IIABA, IICF, LAAIA, NAAIA, OLA, SAGAA, and the Spencer Foundation in a diversity coalition

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