HB Insurance Brokerage Expands in FloridaMonday, August 5, 2013
Huntington Beach-based Confie Seguros Insurance Services continued its expansion on the East Coast with the acquisition of Economy Insurance Mart in Spring Hill, Fla., on undisclosed terms.
Confie primarily serves the Latino-American market and oversees more than 300 retail brokerage locations nationwide. It has seen rapid growth in recent years, thanks in large part to acquisitions. Recent deals include a handful of buys in Florida and New York, which followed more than 20 acquisitions of smaller brokerage firms in 2012, when the company notched $200 million in revenue.
“We are being very acquisitive, and our pipeline is the strongest it’s ever been,” President Mordy Rothberg said.
Boston-based private equity firm Abry Partners LLC took a majority stake in the company late last year.
Confie moved its headquarters from Buena Park to Huntington Beach in May.
Separately, La Palma-based brokerage Vicencia & Buckley Insurance Services Inc. has been acquired by Chicago-based Hub International Ltd. on undisclosed terms.
Vicencia & Buckley provides various insurance products and also specializes in a niche business, serving scuba divers and the recreational diving industry. No changes are expected for the firm’s 14 employees, who are expected to remain in La Palma.
President Steve Vicencia will join Hub as an executive vice president.
Hub has 300 offices and about 6,000 employees, and is ranked as one of the largest brokerage firms globally. The company, shortly after completing its buy of Vicencia & Buckley, announced it has agreed to be acquired by San Francisco-based private equity firm Hellman & Friedman LLC for $4.4 billion.