PCF buys California brokerage Andreini
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Acquisitive broker PCF Insurance Services said Wednesday it has bought Andreini & Co., a San Mateo, California-based brokerage with about $25 million in annual revenue.
Terms of the deal were not disclosed.
Founded in 1951 by John Andreini, the company places commercial property/casualty business, employee benefits and personal lines. Its specialties include agriculture, aviation, technology, transportation, and oil and gas.
Andreini has about 200 staff in 15 offices throughout California, and in Oklahoma City; Gastonia, North Carolina; and Sweetwater, Texas.
“It helps synergize a lot of things that we do,” said Peter C. Foy, chairman and CEO of Lehi, Utah-based PCF. “They do ag, they do commercial, they do high tech, they do oil, and we do a lot of those pieces, so we can bring a lot more synergies together.”
In addition to specialty business, Andreini, which is one of PCF’s largest purchases, will add large and mid-sized account business to PCF, Mr. Foy said.
“They do a lot of large accounts and medium accounts. A lot of our agencies do large accounts, but 50% to 60% of our business is Main Street business, so they also bring a lot of expertise and a lot of mature producers,” he said.
The brokerage was previously owned by the Andreini family trust and management, who will hold equity in PCF, Mr. Foy said. It will continue to operate under the Andreini name, he said.
PCF is the 20th largest broker of U.S. business, according to Business Insurance’s most recent ranking. It has grown rapidly through acquisitions and was the most acquisitive broker in the first half of 2022, with 48 acquisitions, according to analysis by Chicago-based Optis Partners LLC.
