Specialty insurance broker One80 Intermediaries has acquired workers’ compensation wholesale broker and program manager PMC Insurance Group.
Terms of the deal were not disclosed.
Founded in 1996, PMC Insurance Group was established to help independent agents expand their marketing capabilities by providing workers’ compensation specialty products and programs for a variety of businesses. According to a release, the broker works with thousands of insurance agents nationwide and has longstanding relationships with several leading insurance carriers.
Following closure of the transaction, PMC Insurance Group will become a division under One80 Intermediaries.
“One80’s specialist model sets us apart from the competition, and we continue to bring together some of the best talent in the industry in order to create value for customers, our employees, and our shareholders. The acquisition of PMC not only deepens One80’s workers’ compensation offerings; the partnership also expands our broker relationships throughout the country,” said One80 Intermediaries president Matthew F. Power.
“We are thrilled to join One80; we have a longstanding relationship with the One80 team and, as we look to the future, we feel confident that our employees and clients alike with benefit from this partnership,” added PMC Insurance Group managing director David Malloy.
“The team at PMC is dedicated to delivering exceptional service and customized workers’ compensation solutions to meet the ever-changing needs of our clients,” stated PMC Insurance Group managing director Andrew Shaw. “We are thrilled to expand these market leading capabilities to One80’s network, and likewise, we look forward to providing One80’s diverse platform of products and services to PMC’s valued agent.”
Shaw was previously recognized as one of Insurance Business America’s Specialist Brokers of 2018.
Originally launching in 2020, One80 Intermediaries operates in 19 locations across the US – these locations include Boston, New York City, Chicago, Miami, Atlanta, Houston, Dallas, Nashville, San Diego and Seattle. When it first launched in 2020, One80 acquired managing general agent and recreational marine insurance specialist Maritime Program Group.