Confie Seguros is buying the retail distribution arm of Affirmative Insurance Holdings Inc. for an undisclosed amount.
The Addison, Texas-based target operates 195 retail locations in Louisiana, Alabama, Texas, Illinois, Indiana, Missouri, Kansas, South Carolina and Wisconsin.
Confie Seguros. led by CEO Joseph Waked (pictured), has been working to expand its coverage. In July, the insurer picked up two agencies in New York – CW Baker Insurance Agency and Lewiston Insurance Agency. In May, Confie Seguros bought Texas State Low Cost Insurance Agency of Austin, and Capital Insurance Agency, based in Trenton, N.J.
Confie Seguros, headquartered in Buena Park, Calif., is backed by private equity firm Abry Partners. Boston-based Abry is also invested in American Cyber Systems, Eduk Group and Psychological Services Inc.
For more on the insurance sector, see “Insurance Industry Experiences M&A Uptick.”