US-based insurance brokerage company PCF Insurance Services has extended its acquisition spree with the deal to buy Professional Warranty Service (PWSC).
Established in 1995, PWSC provides specialised risk management solutions for home construction and property management sectors.
Based in Chantilly, Virginia, the company also offers knowhow as well as products and services to builders, insurance carriers, brokers, agents, property managers, homeowners and renters.
PWSC supplies a complete suite of constructional and appliance warranty solutions for property managers and residential building firms, stated the company.
The latest acquisition is in line with PCF’s approach to collaborate with businesses that have a history of growth and success as well as entrepreneurial capability, among others.
Financial and other terms of the deal were not divulged.
PCF Insurance Services chairman, founder and CEO Peter C Foy said: “PWSC has an impressive record of building unique and meaningful warranty-based risk management solutions for home builders, institutional investors, and property managers.
“Their innovation and commitment to mitigating risk aligns with a holistic solutions approach that is core to PCF’s value proposition and will be beneficial to other Agency Partners and clients within the PCF network.”
With the new deal, PCF Insurance aims to expand its existing products and bolster its footprint in the real estate and construction business.
The company also seeks provide new specialty risk management solutions.
Professional Warranty Service president and CEO Tyler Gordy said: “Joining the PCF family allows PWSC to continue its long tradition of combining insurance and warranty services to bring complete risk management solutions to high-risk industries.
“We are confident this partnership will yield new opportunities to bring innovative solutions to our clients and accelerate our growth.”
So far this year, PCF Insurance Services has closed or has agreed to perform 66 buyouts.
Late last month, PCF Insurance Services announced the acquisition of US-based commercial insurance company Zinc.