Confie Seguros acquires James S. Sullivan Agency, Advanced Auto Insurance and Family Insurance
California-based personal insurance firm Confie Seguros announced that it had purchased three insurance brokerages. In order to expand its operations in New York State, Confie Seguros bought James S. Sullivan Agency and Advanced Auto Insurance located in Western and Central New York, respectively. It also bought Family Insurance located in Corpus Christi, Texas. Confie Seguros is a portfolio firm of private equity company ABRY Partners.
The New York firms provide personal lines insurance products while the Texas company offers personal lines auto insurance to its clients. No financial details were disclosed about the deal. As part of the agreement, the staff and locations of the acquired agencies would remain where they are so they could provide the same service to their customers, the company said in a press release.
Confie Seguros Chief Executive Officer Joe Waked said New York and Texas were key growth markets. As a result of the acquisition, they now have more than 47 locations and 140 employees in New York. He said the purchase of Family Insurance would build their acquisition of the market share in Texas early in 2013. Confie Seguros said its annual revenue is nearing USD 300 million mark today.