Buena Park Insurance Firm Buys in New YorkMonday, July 1, 2013
Buena Park-based insurance agency network Confie Seguros Insurance Services has acquired CW Baker Insurance Agency Inc. and Lewiston Insurance Agency Inc., both in New York.
Terms were not disclosed.
Confie, which primarily focuses on the Hispanic market, said the buys were part of its strategy to expand its presence in the state of New York.
Lockport-based CW Baker and Lewiston-based Lewiston Insurance provide personal insurance services and commercial insurance products for small businesses.
CW Baker’s owner, Tim Smith, and Lewiston Insurance President Margaret Toohey are expected to continue in their respective roles, according to Confie Chief Executive Joe Waked.
Acquisitions have helped Confie grow at a rapid pace since inception in 2008. The company had more than 20 deals for smaller brokerages last year, including buys in New York, New Jersey and Florida. The company said it expects to expand in other states, including Illinois and the Carolinas.
Confie now oversees more than 300 retail brokerage locations under various brands, such as Freeway Insurance in Southern California. It had $200 million in revenue last year and said it aims to reach $500 million by 2018.
Boston-based private equity firm Abry Partners LLC bought a majority stake in Confie last year from Genstar Capital LLC in San Francisco, which invested $75 million to launch the company.