Private equity-backed Confie Seguros is adding to insurance industry consolidation with the purchase of three brokerages in New York and Washington.
The Huntington Beach, California-based insurer is buying AA Insurance, a Lockport, New York-based personal lines agency; Parietti & McGuire Insurance; a Monroe, New York-based auto, home and small commercial insurer; and Insurance Now LLC, a Bellingham, Washington-based auto insurance company.
Confie Seguros is a serial acquirer. In August, the company bought Bower Insurance, Guess Insurance Services and Alliance Insurance Agency Inc. The company also bought Ida Tunnell Insurance, in March, and 1 Stop Financial Service Centers of America, in February.
The company is backed by private equity firm Abry Partners, headquartered in Boston. The firm invested in Confie Seguros in 2012.
Many insurance companies have been picking up smaller brokerages lately. Insurer Hub International has been on a buying spree, gaining the assets of Kuykendall Gardner in October, Algentis LLC in September, Peterson Milaney Insurance Associates Inc., also in September. In October, Palladium Equity Partners invested in Pronto General Agency Ltdv.
For more on insurance industry consolidation, see Racking Up Regional Insurers.