Confie Seguros, a provider of personal lines insurance and a portfolio company of ABRY Partners, has acquired California Insurance Specialists, a provider of homeowners and auto insurance. With this acquisition, Confie has now acquired and integrated over 100 businesses since its inception.
California Insurance Specialists (CIS) is an independent personal lines insurance agency whose focus is providing homeowners and auto policies. CIS has over 40,000 policy holders with combined annual premiums of more than $31 million. The agency was founded in 1972 and has two locations in California – one in its Santa Ana headquarters and an additional office in Bakersfield – and an office in Dallas (www.calins.com).
“The acquisition of CIS advances Confie’s plan to expand into the standard and preferred personal and small commercial lines,” said Valeria Rico, Chief Executive Officer of Confie. “CIS will serve as a strong platform to strengthen our existing operations in California and Texas. We are very excited about the opportunity to expand CIS through additional acquisitions and organic growth.”
Confie Seguros was acquired by ABRY Partners in November 2012 from Genstar Capital. Genstar partnered with insurance executives in 2008 to establish Confie Seguros and built the company into a national insurance distribution company primarily focused on the needs of Hispanic consumers. During Genstar’s ownership, the company grew to over 300 retail locations with annual revenues exceeding $200 million.
CIS President Wayne Pratt, who joined CIS in 1976, and Senior Vice President Randy Parker, who joined in 1993, will continue with the company under Confie Seguros ownership. All of the company’s other 33 employees will remain with CIS.
Confie Seguros is a national insurance distribution company primarily focused on the insurance needs of Hispanic consumers. The company was founded in 2008 and has annual revenue approaching $500 million and over 680 retail locations. Confie Seguros is headquartered in New York (www.confie.com).
Confie Seguros has sizable market positions in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey, Nevada, Illinois, Alabama, Kansas, Wisconsin, South Carolina, Missouri, Louisiana, and Indiana and expects to continue its expansion in those and other states, including Georgia, Virginia and North Carolina.
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-16-15
