“I feel like we spent the past 12 months working for our data,” mentioned Jenni Lee Crocker, newly appointed president of PCF. Prior to assuming the highest position, she served as senior vp of progress & operations.
“We were working to put the stepping-stones in place, and 2023 is the year where we reap the rewards. Now that we have the data working for us, organic growth can really start,” Crocker advised Insurance Business.
Stepping-stones to progress
In February, PCF introduced it had secured a $500-million most well-liked fairness funding, which then-president Peter C. Foy known as a “significant milestone” for the corporate. At the time of funding, the Utah-based dealer was valued at $4.7 billion.
The funding will probably be used to propel a two-pronged progress method for PCF: strategic acquisitions paired with natural progress.
“We’re going to find the partnerships that align with our core business. [At the same time], we want to fuel organic growth,” Crocker mentioned.
Crocker is amongst a slew of high-level appointments at PCF this month. Peter Nettesheim was appointed to the newly created position of senior vp of information & expertise, whereas Brandon Gray was named vp of treasury. Jeff Hutchins was promoted to senior vp of human sources.
The appointments are supposed to assist PCF’s initiatives this 12 months because it pursues the following stage of progress.
‘Parallel path’ of M&As and tech funding
Mergers and acquisitions (M&As) are one of many high methods PCF plans to develop. Though the fast-growing brokerage accomplished a big variety of offers final 12 months, Crocker mentioned values and technique would proceed to dictate the tempo of its acquisitions in 2023.
“We saw a fast clip of M&As in 2022 where almost 100 partnerships were brought under PCF’s umbrella,” Crocker mentioned. “We’re not trying to race to the same number [of acquisitions as 2022]. We’re getting to the right core business agencies that align with PCF.”
At the identical time, PCF’s president highlighted the significance of broadening the agency’s knowledge and expertise investments to assist this progress.
“The parallel path running beside [M&As] was our investment in technology. We have always had the capabilities, but getting them organized was key, such that we could get all our trucking agencies from different states and put them together in a practice,” Crocker advised Insurance Business.
“Not solely is the data shared, but additionally the carriers admire the best way that we’re converging. It’s extra carrier-friendly to have that alignment.
“That way, carriers not only create better programmes for us, but they know what to expect, whether our loss ratios are under control or the risk management we apply based on industry has specificity.”
Leaning into business observe teams
Crocker additionally mentioned that PCF will lean into its business observe teams to gas natural progress this 12 months. Its high performers are in transportation, trucking, building, actual property, agriculture, and ranch insurance coverage.
PCF can also be trying into creating extra MGA applications for its company companions to “give them specificity in the industry.”
“That doesn’t mean we’re going to neglect looking at any other industries, but you lean in heavy at what you’re good at,” mentioned Crocker.
PCF posted $470 million income in its property and casualty enterprise in 2022, a year-on-year enhance of 167% from $176 million in 2021. Over a three-year interval, it reported a 3,830% progress in income.
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