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Confie Seguros acquires four insurance brokerages

Confie Seguros has completed acquisition of four regional insurance brokerages in Florida and Nevada, in an effort to expand its geographical footprint in US.

The company has acquired Florida-based Maurisset Insurance, CNS Insurance Services and Briar Bay Insurance, as well as Got Insurance, which is headquartered in Las Vegas, Nevada, US.

Confie Seguros CEO Joe Waked said the company has successfully completed 19 transactions in 2012, which highlights its robust pipeline of potential transactions in this fragmented industry.

The company is currently evaluating strategic targets in other states, Waked added.

Confie Seguros is a portfolio company of private equity firm Genstar Capital, and a provider of insurance with an emphasis on serving Hispanic consumers.

With annual revenue of nearly $200m, the company has branches in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey, and Nevada, US and expects to continue expansion in Illinois, Georgia, and the Carolinas, US.