PCF names Morgan CEO, Foy remains chairman

PCF Insurance Services Friday named Felix Morgan CEO and said previous CEO Peter Foy would remain chairman of the brokerage.

Mr. Morgan, who joined the Lehi, Utah-based PCF in 2021, was previously chief financial officer and chief operating officer of the company. His successor in those roles was not named.

Mr. Foy, who founded the company in 1987, will focus “on internal and external relationships and supporting M&A activities,” a PCF statement said.

PCF, which completed a management buyout backed by private equity investor Owl Rock in 2021, has been one of the most acquisitive brokerages over the past several years, though its M&A pace has slowed this year.

In August, PCF announced it had raised $400 million in debt to finance more deals.

PCF is the 20th largest broker of U.S. business, according to Business Insurance’s most recent ranking.