US-based insurance distribution company Confie has acquired New York state’s two insurance brokerages Lloyd D. Sprague & Son (Dba Sprague Insurance) and J.N. Mason Agency.
Originally established in 1848, Sprague Insurance is a third generation agency that offers service to businesses and residents.
Based in Corning, Sprague provides personal lines and small commercial insurance services to its customers. Andrew and Christine Sprague will continue to operate the business under Confie.
Established in 1987, J.N. Mason Agency offers personal lines and small commercial insurance to the customers in New York and Pennsylvania. It has locations in Hancock and Monticello.
Confie CEO Valeria Rico said: "Both Sprague and J.N. Mason have been respected competitors in their local communities for decades.
“Our combined organizations will provide expanded services and product offerings. Looking forward toward the remainder of the year we are excited about the robust pipeline of investment opportunities we continue to evaluate and expect to complete transactions of a similar caliber to the Sprague and Mason investments."
Earlier this year, Confie acquired three insurance brokerages in the US.
The acquired brokerage units include Most Insurance in Tampa, Florida, as well as Fair Price Insurance in The Bronx, New York state, and Duane Sammons Insurance Center in Bellingham, Washington state.
Confie said that it completed 11 acquisitions so far in this year.
With around 700 retail locations and $500m annual revenues, Confie provides personal lines and small commercial insurance services.
Image: Confie has acquired New York state’s two insurance brokerages. Photo: courtesy of Stuart Miles/FreeDigitalPhotos.net.