Confie Seguros, a portfolio company of Genstar Capital Partners, said Wednesday that it has bought Seguros Sin Barreras. Financial terms were not announced. Also, Valeria Rico, Lexicon Marketing’s former CEO and president, was named chief marketing officer of Confie Seguros. Seguros Sin Barreras is an insurance broker that serves Hispanic customers. New York-based Confie Seguros is an insurance distribution company focused on the Hispanic consumer. Genstar, of San Francisco, is a PE firm.
Confie Seguros, a rapidly growing provider of auto insurance with an emphasis on serving Hispanic consumers, today announced that it has acquired Seguros Sin Barreras, a highly recognized insurance broker that serves Hispanic customers in 49 states.
In addition, Confie Seguros named Valeria Rico, former CEO and President of Lexicon Marketing, as Chief Marketing Officer. Ms. Rico helped Lexicon grow to become the top direct marketer to U.S. Hispanics and developed a number of best selling learning products with extraordinary brand name recognition and satisfaction among U.S. Spanish-dominant Latinos.
John Addeo, CEO of Confie Seguros, said, “Seguros Sin Barreras has a great brand name and strong reputation among Hispanic consumers and the combination of the company’s assets with Confie Seguros’ extensive locations will create a powerful market leader that will further expand our reach and enhance our ability to generate new customers. I would like to welcome Valeria to Confie Seguros and we look forward to benefiting from her creative talents.”
Seguros Sin Barreras is licensed in 49 states and maintains dedicated agents at two call centers that will complement Confie Seguros’ many retail locations.
Ms. Rico joined Lexicon in 1995 and was promoted to Chief Operating Officer in 2000. She served as CEO and President since 2004 and under her leadership Lexicon grew into the top direct marketer to U.S. Hispanics. Prior to joining Lexicon, she was Marketing Director at ELICO, a jewelry design and distribution company focused on the U.S. Hispanic market.
“Confie Seguros has built a great company over the past few years and I am excited to join this growing business that focuses on Latino customers. I have a passion for this community and hope that my marketing and leadership talents will help to further establish the brand recognition of Confie Seguros.”
About Confie Seguros
Confie Seguros is a leading national insurance distribution company primarily focused on the insurance needs of the Hispanic consumer. The experienced Confie Seguros management team, led by seasoned insurance veteran CEO John Addeo, continues to build its portfolio of regional auto insurance brokerages, and today has annual revenue exceeding $130 million. The company has leading market positions in California, Arizona, Texas, and Washington and expects to continue its expansion in those states as well as in Florida, Georgia, and Nevada in addition to other states.