Acquired broker PCF Insurance Services said on Wednesday that it has acquired Andreini & Co., a brokerage firm based in San Mateo, California with approximately $ 25 million in annual revenue.
The terms of the deal were not disclosed.
The company was founded in 1951 by John Andreini and invests in commercial real estate / accident business, employee benefits and personal lines. Its specialties include agriculture, aviation, technology, transportation and oil and gas.
Andreini has about 200 employees in 15 offices across California and in Oklahoma City; Gastonia, North Carolina; and Sweetwater, Texas.
“It helps create synergies between the many things we do,”; said Peter C. Foy, president and CEO of Lehi, Utah-based PCF. “They do ag, they do commercial, they do high technology, they do oil, and we do a lot of those pieces, so we can have a lot more synergies together.”
In addition to specialty stores, Andreini, which is one of PCF’s largest purchases, will add large and medium-sized account stores to PCF, said Mr. Foy.
“They do a lot of large accounts and medium-sized accounts. Many of our agencies have large accounts, but 50% to 60% of our business is Main Street business, so they also add a lot of expertise and a lot of mature producers,” he said.
The brokerage house was previously owned by the Andreini family’s foundation and management, which will hold shares in PCF, Foy said. It will continue to operate under the Andreini name, he said.
PCF is the 20th largest broker of American companies, according to Business insurances latest ranking. It has grown rapidly through acquisitions and was the most acquiring broker in the first half of 2022, with 48 acquisitions, according to analysis by Chicago-based Optis Partners LLC.