Confie Seguros, an acquisition platform focused on insurance brokerages, has acquired San Antonio-based auto insurance brokerage Alamo Auto Insurance. No financial terms were disclosed. Confie Seguros was formed earlier this year by Genstar Capital.
Confie Seguros, a rapidly growing provider of auto insurance with an emphasis on serving Hispanic consumers, today announced that it has acquired auto insurance brokerage Alamo Auto Insurance. The acquisition of San Antonio-based Alamo expands Confie Seguros’ presence beyond its platform in California and continues its pace towards building the leading national insurance distribution company primarily focused on the needs of Hispanic consumers.
Confie Seguros is building a national distribution company focusing on eight to 10 of the most densely populated Hispanic markets, including California, Arizona, Florida, Texas, Illinois, and Nevada. The acquisition of Alamo continues the implementation of the company’s business plan outside of California. Alamo has over eight brokerage locations bringing to nearly 90 the total number of Confie Seguros retail brokerage stores in California and Texas.
“Terry and Holly Burnett have successfully built Alamo Insurance in the Greater San Antonio area and we are pleased to partner with the Burnett’s who will help us expand our market share throughout Texas,” said John Addeo, CEO of Confie Seguros. “We continue to identify strong companies in other markets as well where we will cater primarily to Hispanic consumers and look forward to offering a wider range of services to our customers.” In addition to providing auto insurance, Confie Seguros expects to begin offering life insurance in the first quarter of 2009.
Confie Seguros has recruited insurance industry veteran Peter Gomez as Senior Vice President to lead the Texas expansion. Mr. Gomez joins Confie Seguros with over 12 years of experience in running large non-standard auto insurance retail brokerages in Texas, Illinois, and California. Mr. Gomez has held the title of Vice President of Retail and Senior Executive Vice President of Franchise operations with Amco Auto Insurance Agencies Inc/PC Group Holdings, overseeing the day-to-day operations of over 200 stores. During his tenure with Affirmative Insurance he was Assistant Vice President and Sales Manager, Texas for over 65 locations with AAffordable Insurance Agencies Inc. In addition to his success on the sales side of the retail operations he has significant experience in acquiring and integrating retail locations as well as opening new stores.
About Confie Seguros
Confie Seguros (www.confieseguros.com) is a portfolio company of private equity firm Genstar Capital that is consolidating profitable non-standard auto insurance brokerages to become the first national insurance distribution company dedicated primarily to the Hispanic consumer. During the next five years, Confie Seguros plans to establish through platform and tuck-in acquisitions a meaningful presence in eight to 10 of the most densely populated Hispanic markets in the U.S., and become the “Trusted Advisor” to the Hispanic consumer looking to purchase auto insurance and other financial products. CEO John Addeo previously led two successful consolidations of middle-market property and casualty brokerages.