PE-backed Confie Seguros Buys NII Brokerage

Confie Seguros, a provider of auto insurance that focuses on Hispanic consumers, has acquired New York-based insurance broker NII Brokerage. Terms of the deal were not released. Confie Seguros is backed by San Francisco-based private equity firm Genstar Capital. By acquiring NII Brokerage, Confie Seguros will expand throughout New York as well as into Connecticut and Pennsylvania.

PRESS RELEASE
Confie Seguros, a rapidly growing national provider of auto insurance with an emphasis on serving Hispanic consumers, today announced that it has acquired NII Brokerage (NII), one of New York’s largest insurance brokers offering a full range of affordable insurance.

Formed in 2002 NII is today a full-service brokerage firm, with more than 26 locations, located primarily in upper New York State, that provides affordable personal insurance, including auto, basic homeowners, business and professional liability insurance, and small commercial insurance policies. NII’s strong presence in upstate New York serves as a platform for Confie Seguros to expand throughout New York as well as into Connecticut and Pennsylvania.

John Addeo, CEO of Confie Seguros, said, “We are excited to partner with NII which CEO Matt Grossberg and COO Todd Yomtov and their team have built into one of New York State’s largest insurance brokers. NII will serve as a hub for our entry into the New York metropolitan area, a key market that includes a rapidly growing Hispanic population. We look forward to supporting Matt and his team.”

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 NII, the company will generate about $150 million in annual revenues.

“We are pleased to join a strong partner in Confie Seguros which now provides us with additional capital to grow through add-on acquisitions as well further resources to continue our organic growth,” said Mr. Grossberg.

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 $150 million. The company has leading market positions in California, Arizona, Texas, Washington, and New York and expects to continue its expansion in those states as well as in Florida, Illinois, Georgia, Nevada, and the Carolinas.