Insurance brokerage PCF Insurance Services has acquired Professional Warranty Service Corporation (PWSC), a specialty insurance and home warranty-focused managing general agent.
The terms of the deal were not disclosed.
Founded in 1995, the Chantilly, VA-based PWSC is a nationally recognized provider of risk management solutions for the new home construction and property management industries. As a managing general agent, PWSC offers expertise, products and services to builders, insurance carriers, brokers, agents, property management firms, homeowners, and renters, a release said.
The partnership with PWSC will enhance PCF’s portfolio while deepening its real estate and construction industry presence and adding to its capacity to deliver specialty risk management solutions, the company said.
"We are excited about the addition of PWSC to the PCF family," said PCF Insurance chairman, founder, and CEO Peter C. Foy.
Foy also explained that PWSC has a record of creating “unique and meaningful” warranty-based risk management solutions for home builders, institutional investors, and property managers. The team’s innovation and commitment to mitigating risk align with PCF’s holistic solutions approach, the leader said, and will be beneficial to PCF’s agency partners and clients.
“Joining the PCF family allows PWSC to continue its long tradition of combining insurance and warranty services to bring complete risk management solutions to high-risk industries," commented PWSC president and CEO Tyler Gordy. "We are confident this partnership will yield new opportunities to bring innovative solutions to our clients and accelerate our growth."
According to PCF Insurance, it has completed or has under letter of intent 66 acquisitions so far in 2022.
Last month, PCF acquired the San Mateo, CA-based Andreini & Company, as well as Zinc Insurance in Ohio. Andreini & Company is a full-service insurance agency specializing in serving industry niches such as agriculture, aviation, transportation, oil & gas, equine mortality, and more. Meanwhile, Zinc specializes in insurance and risk management solutions for the trucking, construction, contracting, and motorsports industries.