Buena Park, Calif.-based Freeway Insurance, a California provider of non-standard auto insurance and a subsidiary of New York-based Confie Seguros, announced that Joseph Waked has been named CEO of Freeway, replacing Freeway’s former CEO, John Klaeb, who has been named chairman.
Founded in California in 1987, Freeway Insurance has grown to more than 190 locations and more than 1,200 employees serving customers in Arizona, California and Texas, with related companies in New York, New Jersey, Washington and Oregon. Freeway Insurance writes more than $400 million in premiums annually. In 2008, Messrs. Klaeb and Waked partnered with private equity firm Genstar Capital to create Confie Seguros, a national provider of personal lines insurance with an emphasis on serving Hispanic consumers.
Freeway Insurance, formerly Westline, served as an operating platform for Genstar and the Westline team to build out the California region for Confie Seguros. Klaeb was founder and CEO of Westline. Waked, a former attorney, served as Freeway Insurance’s COO and has been a key member of the leadership and executive team since Freeway Insurance’s inception. He is responsible for leading the company’s sales and operations functions. In recent years, his focus has been on raising capital, as well as spearheading acquisition efforts and subsequent integrations.