PE-Backed Confie Seguros Buys Power Auto Insurance

Confie Seguros, an insurance provider focused on Hispanic consumers, has acquired Power Auto Insurance of Cerritos, Calif. Confie Seguros is backed by Genstar Capital. Terms of the acquisition were not released.

PRESS RELEASE

Confie Seguros, a rapidly growing national provider of personal lines insurance focused on the needs of Hispanic consumers, acquired Power Auto Insurance, a privately-owned Cerritos, CA-based firm specializing primarily in auto insurance, that increases Confie’s retail presence and further strengthens its California footprint to 160 offices.

 

Power Auto Insurance was founded in 2007 and its rapid growth has been a result of providing exceptional customer service and customized products for the communities it serves. The company’s leading market position in auto insurance, as well as offering motorcycle, commercial and homeowners insurance, combined with its consultative and informative approach, made it a company that fits seamlessly into the model currently used by the Confie family of companies.

 

“Confie Seguros has grown rapidly since its formation and in the past 12 months we have completed 15 transactions to strengthen our presence in new and existing markets as part of the growth strategy to build the leading personal lines insurance company in the United States,” said Joe Waked, CEO of Confie Seguros. “Power Auto is our first California acquisition in over a year and its 13 locations are a strong fit with our current business.”

 

Under the leadership of Mr. Waked, the company has strategically built a national portfolio of regional auto insurance brokerages, generating annual revenues in excess of $180 million. Confie Seguros was rated among the top 10 in revenues in Insurance Journal’s top 100 list, and today generates annual revenues in excess of $180 million.

 

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 exceeding $180 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.