One80 Intermediaries acquires workers’ compensation broker PMC Insurance
One80 Intermediaries, a Boston-based specialty insurance broker, has acquired PMC Insurance Group, a wholesale broker for workers’ compensation and program manager.
The financial terms of the deal were not disclosed.
PMC Insurance Group was established in 1996 to help independent insurance agents grow their capabilities in marketing by offering workers’ compensation specialty products and programs for a wide class of businesses.
The Massachusetts-based company is claimed to work with thousands of insurance agents across the US, while sustaining long-standing relationships with various insurance carriers.
David Malloy — Managing Director at PMC Insurance Group said: “We are thrilled to join One80; we have a longstanding relationship with the One80 team and as we look to the future, we feel confident that our employees and clients alike with benefit from this partnership.”
PMC Insurance Group offers both exclusive and semi-exclusive specialty insurance programs in industries that include trucking and transportation, healthcare and home health, construction, temporary staffing services, maritime, and social service organizations. Apart from workers’ compensation products and services, its team offers risk management and loss control services.
Besides, PMC Insurance Group offers a pay-as-you-go technology platform via PMC PayGo, which enables insureds to pay premiums for workers’ compensation based on reported payrolls.
Matthew F. Power — President of One80 Intermediaries said: “One80’s specialist model sets us apart from the competition, and we continue to bring together some of the best talent in the industry in order to create value for customers, our employees, and our shareholders. The acquisition of PMC not only deepens One80’s workers’ compensation offerings; the partnership also expands our broker relationships throughout the country.”