Insurance company Confie Seguros is buying Capital Insurance Agency, a Trenton, N.J.-based insurance company.
Capital Insurance, which has been operating since 1935, specializes in personal and commercial insurance. The buyer expects the deal to strengthen its presence in New Jersey. Terms of the deal were not disclosed.
Confie Seguros, headquartered in Buena Park, Calif., has already bought four companies in 2013, and the insurer expects to continue making acquisitions through the second half of the year. In 2012, the company made 22 acquisitions, including four regional insurance companies in Florida and Nevada in December.
Other insurance companies have also been buying up competitors. In April, New York private equity firm Aquiline Capital Partners closed a deal for Equity Insurance Group, a motor insurance provider, and in March, PE firm Genstar Capital LLC bought Acrisure, a retail insurance brokerage company.
For more on insurance M&A, see “Insurance Industry Experiences M&A Uptick.”
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