The affiliate of Warren Buffet’s Berkshire Hathaway announced that independent insurance company PCG Agencies brings an array of personal property, casualty insurance products and risk management services to company’s continually expanding insurance business.
- Warren Buffet's Berkshire Hathaway affiliate HomeServices of America just acquired PCG Agencies, a Midwest-based independent insurance company.
- The chairman and CEO of HomeServices of America says that the company will continue to expand its insurance operations.
Today, HomeServices of America announced its acquisition of Midwest personal insurance giant PCG Agencies.
As the second-largest full-service residential real estate brokerage firm in the country, HomeServices of America is an affiliate of Warren Buffet’s Berkshire Hathaway and has undergone significant expansion in its real estate operations.
As reported by Inman, HomeServices of America acquired majority interest in Prudential Real Estate from Brookfield Asset Management in 2013, and later targeted independent brokerages and companies affiliated with other brands for growth.
The terms of the company’s purchase of PCG were not disclosed upon request, but the news is representative of its future trajectory.
“This transaction reinforces our commitment to strategically expanding our insurance business with the ultimate goal of becoming a leading national insurance agency,” said Ron Peltier, chairman and CEO of HomeServices of America, in a press release.
HomeServices of America’s coast-to-coast insurance operations, comprising both national and regional carriers that emphasize competitive pricing and technology, generated more than $115 million of premium volume in 2015.
“The acquisition of PCG aligns with our growth strategy of identifying market-leading companies that share our vision of delivering an unparalleled customer experience throughout the home transaction process,” Peltier added.
St. Paul-based PCG brings an array of personal property, casualty insurance products and risk management services to the mix. Founder and CEO Bruce Humphrey, who will remain onboard as a member of the insurance senior management team, has a strong reputation for excellent customer service.
The independent agency has been around for more than 30 years and in 2015 produced nearly $30 million in annual premiums.
“Joining the HomeServices network of companies provides us with a unique opportunity for growth and further positions us to deliver unparalleled products and services to our new and existing clients,” Humphrey said in the announcement.