Confie Seguros, a provider of auto insurance with an emphasis on serving Hispanic consumers, has acquired auto insurance brokerage West Coast Auto Insurance Services. The acquisition broadens Confie Seguros’ presence throughout California.
According to the company, its management team has developed a growth strategy to build a company that caters to the underserved Hispanic market. Funding for future acquisitions will be provided by commitments from private equity firm Genstar Capital, and the company management team, for $75 million, as well as a bank facility with expected capacity in excess of $200 million. With nearly $300 million of capital commitments, Confie Seguros expects to build a national distribution company focusing on eight to 10 of the most densely populated Hispanic markets, including California, Arizona, Florida, Texas, Illinois, and Nevada. With the acquisition of West Coast, Confie Seguros now has an annual run-rate of $75 million in revenues, more than 300,000 customers, $250 million in annual written premiums, and more than 80 retail brokerage stores throughout California.
“West Coast is a rapidly growing company that meets our strategic objective of identifying companies that will help us establish the country’s leading insurance brokerage catering primarily to Hispanic consumers,” said John Addeo, CEO of Confie Seguros. “As we continue broadening our footprint by targeting strategic acquisitions and opening new stores in existing markets, our goal is to continue providing an unmatched level of customer service and product offerings for our customers.”
Mordy Rothberg, president of Confie Seguros, said, “We expect to integrate West Coast into our operations quickly so we can leverage our existing infrastructure to introduce complementary insurance products — such as life and homeowner’s insurance — to serve all of our consumers’ needs.”
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