Private equity-backed insurance group Confie Seguros has continued a streak of acquisitions by buying three new brokerages.
The company bought Lockport, New York-based Bower Insurance, Round Rock, Texas-based Guess Insurance Services and Charleston, South Carolina-based Alliance Insurance Agency Inc.
Bower provides auto, homeowners and small commercial insurance to the western region of New York. Guess operates two brokerage locations near Austin, Texas. Alliance, which operates the Van Robinson Insurance and Coastal Insurance brokerages.
The purchases add to Confie's presence in the New York, Texas and South Carolina areas. The company now has 48 New York locations, 114 Texas locations and 12 South Carolina locations.
In March, Confie bought Ida Tunnell Insurance, a Marble Falls, Texas-based insurer. In February, the group bought 1 Stop Financial Service Centers of America, which is based in Round Rock, Texas.
Confie, which is led by CEO Joseph Waked, has been backed by Boston PE firm Abry Partners since 2012. The firm is also invested in Aegis Sciences Corp., B&H Education and Claranet.
The news comes as more insurers are looking at acquisitions, according to the 2014 Insurance Industry Outlook Survey conducted by advisory firm KPMG LLP. Through the survey, KPMG found that 54 percent of executive indicated they expect to be involved in an M&A deal as a buyer over the next year up from 34 percent last year.
For more on insurance M&A, see "Racking Up Regional Insurers" and "M&A in Financial Services Expected to Expand Over Next Year."