Confie Seguros Buys Trustway Operations

Confie Seguros, an insurance provider backed by San Francisco-based private equity firm Genstar Capital, has acquired the Florida operations of Trustway Insurance Agencies. Terms of the deal were not released. Trustway Insurance has 28 retail locations throughout Florida.

PRESS RELEASE
Confie Seguros, a rapidly growing national provider of insurance with an emphasis on serving Hispanic consumers, today announced that it has acquired the Florida operations of Trustway Insurance Agencies, a leading insurance brokerage in Florida that will serve as a strong platform for further expansion throughout the state.

Trustway Insurance provides personal insurance lines, including auto, homeowners, and business insurance. Trustway Insurance has 28 retail locations throughout the state. The new Florida operation will be overseen by Jeff Greene, an insurance executive with over 25 years of experience in the Florida market with standard and non-standard companies, who will serve as General Manager of Florida. He will also be involved in expanding the firm’s presence in the state through additional acquisitions.

John Addeo, CEO of Confie Seguros, said, “We have conducted extensive research on potential investment opportunities in Florida and we believe Trustway serves as the best platform to establish our presence in this key state and expand further with our formula that focuses on Hispanic consumers. We have a strong management team, led by Jeff Greene, and we look forward to working with him to grow the Florida operation organically and through acquisitions.”

Confie Seguros has made a number of acquisitions this year to strengthen its existing presence in key states as well to establish new platforms to expand into important markets in New York, Nevada, New Jersey, Oregon, and now Florida.

Commenting on his new position, Mr. Greene, said, “I am excited to join Confie Seguros and help expand our new operations throughout Florida. Our retail offices are in prime locations throughout the state and we are actively looking to further enhance that presence and expand our coverage.”

Prior to joining Confie Seguros, Mr. Greene was Vice President of Operations and Director of Franchising for FedUSA Insurance/Franchising Group, responsible for day to day operations of 17 retail locations and assisted in operations/training for 24 franchised locations writing in excess of $50M in premiums combined. He was also Florida State Retail Manager/Director of Franchise Operations for Affirmative Insurance Holdings/21st Century Holding Company for 10 years, responsible for day to day operations for 32 retail locations and assisted in operations/training for 39 franchised locations writing in excess of $70M in premiums combined.

Confie Seguros is a portfolio company of Genstar Capital, a San Francisco-based private equity firm that focuses on investments in selected segments of the life sciences, healthcare, financial services, software, and industrial technology industries. Genstar established Confie Seguros in 2008 in collaboration with the company’s management team to acquire insurance agencies focused on the Hispanic consumer.

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 $160 million with over 275 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 states as well as in Illinois, Georgia, and the Carolinas.