US-based personal lines insurance provider Confie Seguros has acquired three new insurance brokerages in Buffalo area of New York, US.
Terms of the deal have not been disclosed.
The acquired brokerages are Able Insurance Agency, Linda’s Able Insurance and Becker-Able Agency. All the agencies are specialized in providing auto insurance products.
Confie Seguros CEO Valeria Rico said: "These agencies have long-standing ties in the Buffalo community and as part of Confie they will have additional resources and management expertise to continue their growth.
"We’re very bullish about the robust and growing pipeline of potential acquisitions that includes many quality businesses. We are in active discussions with those companies, while at the same time working to successfully integrate these new businesses into the Confie organization."
Confie noted that the three former owners will continue with the company to maintain consistency of management.
Currently, Confie operates 55 locations in New York and completed 15 acquisitions in the Buffalo metropolitan area.
In November 2014, Confie acquired three insurance brokerages, including The Insurance Market Agency and Action Auto Insurance Agency in New York, and Fast Quote Insurance in California.
Founded in 2008, Confie is a portfolio company of ABRY Partners and reports annual revenue of around $350m.
Image: Confie Seguros has purchased three auto insurance brokerage units. Photo: courtesy of Stuart Miles/FreeDigitalPhotos.net.