Confie Seguros, the national provider of insurance that concentrates on the Hispanic demographic, has acquired a pair of New Jersey brokerages– Royale Insurance and First Americano Insurance Agency – from founder and CEO Remberto Perez, a seasoned insurance executive who will continue as CEO of the two companies. The company is a portfolio company of Genstar Capital.
NEW YORK, May 23, 2011 – Confie Seguros, a rapidly growing national provider of personal lines insurance with an emphasis on serving Hispanic consumers, today announced that it has acquired two leading New Jersey insurance brokerages – Royale Insurance and First Americano Insurance Agency – from founder and CEO Remberto Perez, a seasoned insurance executive who will continue as CEO of the two companies.
The two firms have seven locations in New Jersey and this marks Confie’s initial entry into this state. Since 1978, Royale Insurance has been providing personal insurance, including automotive, homeowners, business and professional liability insurance, as well as small commercial insurance policies. First Americano has provided similar coverage for more than 10 years.
John Addeo, CEO of Confie Seguros, said, “We are excited that these two leading companies are now an important part of the Confie Seguros family. Remberto has done an outstanding job building these businesses as recognized and trusted providers to the Hispanic community and we are pleased that he will continue to lead the organizations. We look forward to building the business with targeted acquisitions and organic growth.”
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. With the addition of Royale and First Americano, the company will generate in excess of $160 million in annual revenues.
“Having met and worked with the Confie Seguros team as part of this transaction I realize they have a deep understanding of the diverse needs of Hispanic consumers and I look forward to working with them to help continue their strategy of building a leading national company,” said Mr. Perez.
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. The company has leading market positions in California, Arizona, Texas, Washington, New York and New Jersey and expects to continue its expansion in those states as well as in Florida, Illinois, Georgia, Nevada, and the Carolinas.