Confie Seguros, a portfolio company of ABRY Partners and a national insurance broker, has signed an agreement to acquire the retail distribution arm of Affirmative Insurance Holdings (the “Retail Agency Group”).
The Retail Agency Group operates 195 retail locations in Louisiana, Alabama, Texas, Illinois, Indiana, Missouri, Kansas, South Carolina and Wisconsin and has nearly 400 sales agents. It has grown rapidly both organically and by acquisitions. The transaction enhances Confie’s geographic diversification and establishes a platform for the company in the Midwest and Southeast US that will allow for additional strategic acquisitions. The addition of Affirmative’s retail locations will increase Confie’s offices to approximately 530.
Confie Seguros is a national insurance distribution company primarily focused on the insurance needs of Hispanic consumers. Confie Seguros 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 (www.confieseguros.com).
ABRY Partners acquired Confie Seguros from Genstar Capital in November 2012. So far in 2013, Confie Seguros has acquired six companies (including the Retail Agency Group) and is expected to complete additional transactions in the second half of the year as it continues to assess its pipeline of potential investments. Confie Seguros completed 22 acquisitions in 2012.
“Confie has a proven track record of identifying high-performing retail insurance agencies and integrating them into the Confie family of companies. The addition of these key retail locations and their premium volume significantly increases our size and geographic reach and transforms us into the largest non-captive distributor of non-standard insurance in the US,” said Joe Waked, CEO of Confie Seguros.
ABRY Partners invests in the media, communications and information sectors. ABRY is currently investing ABRY Partners VII (a $1.6 billion fully-capitalized traditional private equity fund), ABRY Senior Equity III (a $750 million fully-capitalized senior equity/mezzanine fund) and ABRY Advanced Securities Fund II (a $1.2 billion fully-capitalized senior debt fund). The firm is headquartered in Boston (www.abry.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-17-13
