New York-based national insurance distribution company Confie Seguros has acquired Stonewood Insurance Services Inc., which specializes in writing California non-standard personal automobile coverage. Terms of the deal were not released. Confie Seguros was formed in 2008 by Genstar Capital.
Confie Seguros, a rapidly growing national provider of personal lines insurance focused on the needs of Hispanic consumers, today announced the acquisition of Stonewood Insurance Services, Inc., a general agency formed in March 2005 that specializes in writing California non-standard personal automobile coverage.
Joe Waked, CEO of Confie Seguros, said, “The acquisition of this strong general agent makes strategic sense as Confie represents over 85% of the business in Stonewood’s current book. We are very excited because Stonewood will be an important vehicle in our growth strategy. Moreover, we’re pleased that the long-tenured team of dedicated employees, led by Clyde Sturgeon, will continue with us.”
Stonewood is led by veteran insurance executive Clyde Sturgeon, President, who will continue in that position. This is the 22nd transaction for Confie in the last 12 months and the 15th year to date.
Confie Seguros has built a national portfolio of regional auto insurance brokerages. The company was rated among the top 10 in revenues in Insurance Journal’s top 100 list of insurance agencies and is ranked in Best’s Review’s annual Top 20 Global Insurance Brokers.
About Confie Seguros
Established in 2008, Confie Seguros is a leading, New York-based national insurance distribution company primarily focused on the insurance needs of Hispanic consumers. The company was founded in partnership by Genstar Capital, a leading private equity investment firm focused on accelerating growth and profitability of portfolio companies, and insurance industry executives. The experienced Confie Seguros management team continues to build its portfolio of regional auto insurance brokerages, and today has annual revenue approaching $200 million with over 300 retail locations. The company has leading market positions in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey, and Nevada and expects to continue its expansion in those and other states, including Illinois, Georgia, and the Carolinas. For more information about Confie Seguros, please visit www.confieseguros.com or call (310) 595-4149.