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Confie Seguros acquires New York-based insurance broker NII

IBR Staff Writer Published 05 April 2011

Confie Seguros, a US based insurance distribution company focused on Hispanic consumers, has acquired NII Brokerage (NII), a New York-based insurance brokers.

Established in 2002, NII, with over 26 locations, provides personal insurance, including auto, basic homeowners, business and professional liability insurance, and small commercial insurance policies.

Confie Seguros said that NII's presence in upstate New York will serves as a platform for the company to expand throughout New York as well as into Connecticut and Pennsylvania.

With the addition of NII, Confie Seguros is expected to generate about $150m in annual revenues.

Confie Seguros CEO John Addeo said the company is excited to partner with NII which CEO Matt Grossberg and COO Todd Yomtov and their team have built into one of New York State's largest insurance brokers.

"NII will serve as a hub for the entry into the New York metropolitan area, a key market that includes a rapidly growing Hispanic population," Addeo said.

Confie Seguros is a portfolio company of Genstar Capital, a San Francisco-based private equity firm that focuses on investments in selected segments of the life sciences, healthcare, financial services, software, and industrial technology industries.

Genstar established Confie Seguros in 2008 in collaboration with the company's management team to acquire insurance agencies focused on the Hispanic consumer.