New York, N.Y.-based Confie Seguros, a national provider of personal lines insurance focused on Hispanic consumers, acquired Power Auto Insurance, a privately-owned Cerritos, Calif.-based firm specializing in auto insurance.
The purchase increases Confie’s retail presence and increases its California footprint to 160 offices.
Power Auto Insurance was founded in 2007. The company offers auto insurance, as well as motorcycle, commercial and homeowners insurance.
“Confie Seguros has grown rapidly since its formation and in the past 12 months we have completed 15 transactions to strengthen our presence in new and existing markets as part of the growth strategy to build the leading personal lines insurance company in the United States,” Joe Waked, CEO of Confie Seguros said in a statement. “Power Auto is our first California acquisition in over a year and its 13 locations are a strong fit with our current business.”
The company has built a national portfolio of regional auto insurance brokerages, generating annual revenues in excess of $180 million.
The company was founded in partnership by Genstar Capital, a leading private equity investment firm focused on accelerating growth and profitability of portfolio companies, and insurance industry executives.