BSF - PF transfers 100% of its risk to a real, registered (re)insurance company (unlike real insurance companies, which transfer only some of their risk). Therefore, PF bears no risk -- it is in effect a reseller of insurance policies. You could be scammed only if 1) the real insurance company involved turns out to be a scam or 2) it turns out that Randy has been pocketing all the money, and isn't really reinsured by anyone.

Both contingencies seem extremely unlikely to me.

That said, I am not a customer of PF because I think the premiums are an order of magnitude larger than what the coverage is worth to me -- however, if Randy can get away with charging such high premiums, then I have even more respect for his business acumen.