Freeway Names Waked CEO; Klaeb to Serve as Chairman

Joseph Waked has been named CEO of Buena Park, Calif.-based Freeway Insurance, a subsidiary of New York-based Confie Seguros.

Founded in California in 1987, Freeway Insurance has more than 190 locations and some 1,200 employees serving customers in Arizona, California and Texas, with related companies in New York, New Jersey, Washington and Oregon. Freeway Insurance writes over $400 million in premiums annually. In 2008, 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.

“We are very pleased that Joe will serve as CEO of Freeway with responsibility for California, Texas, and Arizona,” said John Addeo, CEO of Freeway’s parent Confie Seguros.

Waked replaces Freeway’s former CEO John Klaeb who has been named chairman. Addeo says that as chairman, Klaeb will focus on strategic planning, including merger and acquisition activity.

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. 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.

Source: Confie Seguros