US-based insurance distribution company Confie has wrapped up the acquisition of insurance agencies Best Rate Insurance in Alabama and Luxor Insurance in California for an undisclosed price.
Image: Best Rate Insurance and Luxor Insurance acquired by Confie. Photo: courtesy of Tumisu/Pixabay.
Confie, which provides personal and commercial lines insurance across the US, said that the acquisitions will grow its footprint in the states of Alabama and California.
Established in 1995, Best Rate Insurance is a specialist in non-standard auto insurance. The independent insurance agency, which has three offices in Mobile, offers personal insurance coverage to its clients, including auto insurance, homeowners insurance, condo insurance and manufactured/mobile home, boat and watercraft.
Luxor Insurance, which has three locations in the Southern California area, provides non-standard auto insurance. Its acquisition is expected to further strengthen Confie’s market position in California.
Confie CEO Cesar Soriano said: “We welcome Best Rate and Luxor to the Confie family and look forward to serving the residents and businesses in their communities. Adding these brands to our portfolio increases our footprint in two existing markets and builds momentum toward becoming the largest insurance distribution company in the nation.”
The insurance distribution company said that the acquisitions represent its aggressive growth strategy for the current year. The company revealed plans to take its insurance products into new markets and also in expanding its reach in existing markets.
Confie said that like all its other agencies, Luxor Insurance and Best Rate Insurance will provide a complete suite of products and services from which to shop and compare. This will enable customers to create personalized policies that match their individual requirements, said the insurance distribution company.
In late 2018, Confie announced four acquisitions in a move to grow its presence in the states of Florida, New Mexico, Texas and Washington. The company acquired Just Insurance and Tag, a Florida-based non-standard auto insurance provider, New Mexico-based Torres Insurance, Texas Auto Insurance, and Affiliated Insurance in Washington.
In June 2017, the company acquired five insurance brokerages in the states of Missouri, Arizona, and New York. Currently, Confie, which is a portfolio company of ABRY Partners, has nearly 800 retail locations.