Montalvo Insurance Agency has sold its insurance business to Utah-based PCF Insurance Services for an undisclosed amount.

Earlier this year, BCF raised $400 million in progressive debt financing in a round led by Blue Owl. The amount, which was up from an initial target of $300 million after high levels of investor interest, meant the cash-strapped insurer was able to continue its strong buying spree.

In announcing the deal, Brooke K. Dewees, Chief Development Officer for BCF Insurance (pictured), emphasized that the acquisition was largely driven by Montalvo’s strong public entity business. “Having served the South Texas community for more than 65 years, the Montalvo Insurance team has deep-rooted relationships with its clients, particularly in the public entity sector, and this is one area we review when looking to bring new teams on board. The acquisition will be BCF’s sixth location in the Lone Star State.

The seven-person agency was founded by Ramon Montalvo II, who handed over management of the business to his son, who also serves as a board member of Freedom Bank.

PCF Insurance’s acquisition strategy focuses on partnering with companies that aim to grow by leveraging extensive industry experience.

While there is no discussion of redundancy, PCF hopes Montalvo’s team will benefit from the operational efficiencies and economies of scale available through integrated support in areas including marketing, business intelligence, technology, human resources, accounting, legal and compliance.

The acquisition follows PCF Insurance’s June acquisition of Pennsylvania-based Ignitist, North Carolina-based Brady Agency, Mississippi-based Roseberry Insurance Agency and Iowa-based Sinnott Agency.

At the time, Dewees noted: “We at PCF Insurance are committed to rapid and strategic expansion through mergers and acquisitions – not to be confused with scale.

“Our approach to M&A enables us to grow our operations in key markets – based on our analysis of growth potential and fit with our existing footprint – while ensuring that each new business we integrate aligns with our long-term vision and enhances our capabilities and specialization in key industry sectors.”

With 280 offices, PCF is one of the country’s top 20 insurance brokers, with over 420,000 clients.

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