PCF Insurance Services of Orem has named Felix Morgan to replace founder Peter C. Foy as CEO. Morgan moves from his current position as chief financial officer and chief operating officer. Foy will maintain his position as chairman of the board of directors.
As founder and chairman, Foy will expand his capacity as an ambassador of the company, primarily focusing on internal and external relationships and supporting merger and acquisition activities.
Morgan has more than 20 years of leadership experience, including success with mergers and acquisitions, as well as private equity, capital markets and intensive growth with Fortune 500 and Fortune 50 public companies.
“Felix will continue his leadership of our company as we drive expansion and value for partners, investors and agencies. I’m excited to hand this role to a trusted partner who can lead PCF into the future,” said Foy.
Under Foy’s leadership, PCF Insurance secured its first investor in 2017 and completed its first acquisition in 2018 that would serve as the catalyst for an expansion and growth, completing its 215th acquisition by year-end 2022. Foy and Morgan led the company through a successful management-led buyout from its investors in November 2021 with a valuation of $2.2 billion. In February 2023, they secured a $500 million private equity investment, and at the time of investment, the valuation of PCF Insurance was $4.7 billion.
“Peter is a true pioneer and visionary of our industry. His entrepreneurial spirit and passion for bringing extraordinary people together built PCF Insurance and has paved the way for our collective success. With him stepping into this role and freeing him from day-to-day operations, I’m confident that PCF will reap the benefits of his innovative and strategic vision, and I am excited to continue to work side-by-side with Peter and his leadership,” said Morgan.