California-based personal lines insurance distribution company Confie Seguros has purchased a privately owned independent insurance agency Economy Insurance Mart of Spring Hill, for an undisclosed sum, to boost its existing footprint in Florida.
The acquirer said that the acquisition of auto, home and small commercial insurance provider Economy Insurance, which was set up in 1993, is a part of its continuing growth strategy across the state.
Confie Seguros CEO Joe Waked said that Florida represents one of its key markets and the acquisition will help the company expand its geographic reach within the state.
In July 2013, the company bought CW Baker Insurance Agency and Lewiston Insurance Agency, in a bid to boost standard and preferred personal lines and small commercial distribution network in the region.
Previously, the firm purchased Texas State Low Cost Insurance Agency in May to expand its distribution network beyond existing locations in San Antonio and Houston, US.
Set up in 2008 and mainly concentrating on the insurance needs of Hispanic consumers, Confie Seguros has annual revenue of over $200m and manages more than 300 retail offices.