Confie Seguros Completes Acquisitions

Confie Seguros, a New York-based national insurance distribution company formed by Genstar Capital, has completed the acquisition of six insurance agencies. Terms were not released. The companies acquired are: Survival Insurance, Speedlane Insurance, The Chapman Agency, Coppola Insurance, Palmetto Insurance, and Daley Insurance.

PRESS RELEASE

Confie Seguros, a rapidly growing national provider of personal lines insurance focused on the needs of Hispanic consumers, today announced that it has completed the acquisition of six insurance agencies, further solidifying its position as a leading national insurance distribution company. The companies acquired are: Survival Insurance, in Burbank, CA; Speedlane Insurance, in Upland, CA; The Chapman Agency, in Elizabeth, NJ; Coppola Insurance, in West Seneca, NY; Palmetto Insurance, in Miami, FL; and, Daley Insurance, in Margate, FL. “Confie Seguros has demonstrated its ability to identify growth oriented companies and to successfully integrate them into our platform,” said Joe Waked, CEO of Confie Seguros. “Each of these companies offers valuable additional growth opportunities for Confie to provide excellent customer service in our existing geographies. We continue to strengthen our footprint and are also focused on growing our existing business lines as we approach $200 million in annual revenues.” Confie Seguros has built a national portfolio of regional auto insurance brokerages and the company was rated among the top 10 in revenues in Insurance Journal’s top 100 list of insurance agencies. Confie has acquired 20 agencies over the past 12 months. Mordy Rothberg, President of Confie Seguros, added, “We have completed 10 transactions in 2012 and we continue to benefit from a robust pipeline of high quality companies from which to choose as potential partners. All of these acquisitions bolster our presence in important regions around the country. These agencies will benefit from being an integral part of our larger company and their customers will ultimately benefit from a broader array of complementary products.” 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.