Lehi-based insurance brokerage PCF Insurance Service, has acquired two more insurance companies. The firm purchased John E. Peakes Insurance Agency Inc., a family-owned, full-service personal lines agency based in Ventura, California; and Apple Insurance and Financial Services of Ft. Lauderdale, Florida. Apple Insurance is an individual health and Medicare insurance brokerage.
PCF said that the acquisition of Peakes Insurance allows it to expand its portfolio into niche markets in the high-growth small- business industries, including gym and fitness, restaurants and apartment buildings.
“We’re delighted to welcome the John E. Peakes Insurance Agency to PCF,” said Peter C. Foy, chairman, founder and CEO of PCF. “They have a proven track record serving clients for over 50 years in high-growth niche markets and will provide PCF with additional scale in Southern California. President Chad Peakes is an outstanding young leader keenly focused on agency growth.”
Foy said the acquisition of Apple insurance gives PCF access to Florida Blue, a leading health insurance plan in the Florida market.
“Apple Insurance is a thriving, high-growth agency,” said Foy. “With their proven model for growth and continued value creation, Apple Insurance gives PCF a strong foothold in one of the most competitive individual healthcare markets in the U.S.”
The terms of neither deal were disclosed.