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Confie Seguros acquires Cannello Agency and Moose Insurance

IBR Staff Writer Published 07 February 2013

California-based national insurance distribution company Confie Seguros has acquired the Cannello Agency in Niagara, New York and Moose Insurance in Oakland, Florida, in a bid boost its geographical presence.

Commenting on the acquisition, Confie Seguros CEO Joe Waked said that the acquisition grows its platform and enhances geographic footprint in the New York and Florida markets.

"Both companies have a strong customer base and we look forward to integrating them into our operations to accelerate growth as we continue to build Confie's national footprint," Waked added.

It is expected that the underwriter distributer will continue on its acquisition spree, after completing 22 such transactions in 2012.

The acquirer has also developed a countrywide portfolio of regional auto insurance brokerages.

In December 2012, the company acquired four regional insurance brokerages including Florida-based Maurisset Insurance, CNS Insurance Services, and Briar Bay Insurance, as well as Got Insurance of Las Vegas, Nevada.

Founded in 2008, Confie Seguros has annual revenue of over $200m with more than 300 retail locations and operates in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey, and Nevada, among other cities in the US.