Confie Seguros, a national provider of insurance with an emphasis on serving Hispanic consumers and a portfolio company of Genstar Capital, today announced that it has acquired Stonewood Insurance Services, a general agency formed in March 2005 that specializes in writing California non-standard personal automobile coverage. Stonewood is led by insurance executive Clyde Sturgeon, President, who will continue in that position.
This is the 22nd transaction for Confie in the last 12 months and the 15th year to date. “The acquisition of this strong general agent makes strategic sense as Confie represents over 85% of the business in Stonewood’s current book. We are very excited because Stonewood will be an important vehicle in our growth strategy. Moreover, we’re pleased that the long-tenured team of dedicated employees, led by Clyde Sturgeon, will continue with us,” said Joe Waked, CEO of Confie Seguros.
Confie Seguros is a national insurance distribution company primarily focused on the insurance needs of Hispanic consumers. Confie Seguros 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. The company was founded in 2008 and is based in New York, NY (www.confieseguros.com).
Genstar Capital is a private equity firm that invests in middle-market companies and builds value in those businesses by utilizing the expertise of its operating partners. Genstar has more than $3 billion of committed capital under management and targets investments within the life sciences, healthcare services, financial & business services, software & software services and industrial technology industries. The firm was founded in 1988 and is based in San Francisco, CA (www.gencap.com).
