Private equity backed insurance provider Confie Seguros has expanded yet again. The Huntington Beach, California-based company has purchased three insurances brokerages in Buffalo, New York.
Confie acquired three agencies that each provide auto insurance. They include Able Insurance Agency, Linda’s Able Insurance and Becker-Able Agency Inc. Able has been serving the Buffalo community for more than a decade, while Linda's dates back to 1980. Becker-Able has been in business since 1993.
The three former owners will become a part of Confie, which has has amassed 55 offices in New York. The company, which has been backed by Boston private equity firm Abry Partners since 2012, has inked a total of 15 deals in Buffalo.
The transaction was announced on the heels of a major purchase in Dallas. Confie picked up Baja Auto Insurance in February, growing Confie by 59 offices in the Dallas/Fort Worth area, and 29 offices in the Houston area.
According to Confie chief executive officer Valeria Rico, there is a growing pipeline of potential acquisitions that the insurer is exploring. "We are in active discussions with those companies, while at the same time working to successfully integrate these new businesses into the Confie organization,” she adds in the statement.
For more on insurance consolidation, see Insurance Firms Find that Bigger May Be Better.