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Confie Seguros buys three insurance brokerage units in US

IBR Staff Writer Published 04 November 2014

US-based insurance distribution company Confie Seguros has acquired three insurance brokerages, for an undisclosed amount.

The acquired brokerages include The Insurance Market Agency and Action Auto Insurance Agency in New York, and Fast Quote Insurance in California.

Confie Seguros chairman Joe Waked said: "We continue to pursue selective targets that will strengthen our operations and geographic base nationally, and we remain very pleased with the quality of businesses that we are incorporating into our insurance distribution platform.

"In addition to offering a broad cross section of products, these three agencies align with our strategic growth strategy and our company's culture."

The New York brokerages provide different insurance products, including auto, homeowners and small commercial, while the Californian unit is specialized in auto insurance.

In October, the company announced five acquisitions in New York, Washington, and Texas.

With an annual revenue of around $350m, Confie Seguros provides services in the country through 560 retail locations.