Boston-based private equity firm Abry Partners LLC has acquired a majority stake in insurance broker Confie Seguros Holding Co. in Buena Park.
Confie Seguros had been part of San Francisco-based Genstar Capital LLC’s portfolio since 2008, when Genstar put in $75 million to establish the brokerage firm. Terms of the transaction were not disclosed.
Joe Waked will remain as chief executive of the company, which plans to keep its headquarters in Buena Park.
Confie Seguros has 1,900 employees, with more than 200 in OC, according to President Mordy Rothberg, who also will remain with the company.
Confie Seguros primarily serves Latino customers in the U.S. It has about $200 million in annual revenue and more than 300 retail locations throughout the U.S., including California, Arizona, Florida, New York and New Jersey.
It ranks No. 21 in the U.S. among privately held property-and-casualty insurance firms in terms of premiums written annually, with $450 million last year, according to the Insurance Journal.
The firm has a portfolio of more than 30 regional auto-insurance brokerages, including Westline Insurance in Cypress.
