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Confie

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Confie
Company typePrivate company
IndustryInsurance
Founded2008; 16 years ago (2008)
HeadquartersHuntington Beach, California, United States
Area served
United States
Key people
Cesar Soriano, Chief Executive Officer
Number of employees
Approximately 3600 (2020)
SubsidiariesFreeway Insurance
Websitewww.confie.com

Confie is an American private insurance company that provides auto insurance, home insurance, life insurance, commercial insurance, and related products.[1] Confie is the ninth largest independent property and casualty insurance agency in the United States as of 2020.[2][3][4][5] Freeway Insurance, InsureOne Insurance and Bluefire Insurance are their better known brands.[6][7]

History

[edit]

Initially known as Confie Seguros, the company was founded in 2008 by Mordy Rothberg, Joseph Waked and John Addeo.[8][9] They aimed to make Confie a national insurance distribution company focusing on the Hispanic market.[9] Addeo initially served as the company’s CEO before stepping down in January 2012, upon which Waked assumed CEO duties.[8]

Confie expanded in part by acquiring insurance brokers throughout the United States. One of the company’s first acquisitions was Westline Insurance, which became the basis for their West Coast operations and their Freeway Insurance brand.[8][10][11] In December 2023, with the acquisition of Acceptance Insurance, Confie expanded its physical footprint to 26 states.[12][13][14] With the acquisition of Affordable Insurance in North Carolina, it expanded its footprint to 27 states.[15][16]

The company's launch was initially backed by Genstar Capital, which held a majority stake in the company before selling it in 2012.[17] Private equity firm ABRY Partners acquired Genstar Capital’s majority stake in Confie in late 2012.[18]

Cesar Soriano has been the CEO since August 2017,[19][20] while Valeria Rico was CEO from 2014 to 2016.[20] Company president and co-founder Mordy Rothberg also exited the company in 2018.[21]

In 2020, Insurance Journal ranked Confie as the top personal lines insurance agency and the ninth largest independent property and casualty insurance agency in the United States based on 2019 revenue data.[2][5] In 2024, it ranked #1 spot for Top 100 Property/Casualty Agencies based on 2023 revenue data.[22]

On April 21, 2021, it was announced that Alliant Insurance Services would merge with Confie.[23]

Operations

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Operating through its subsidiaries, its operations are divided into four segments: non-standard insurance,[24] standard insurance, general agency and automotive dealer insurance.[25][26]

Over the years they have acquired many other insurance companies, including:

  • Cost U Less Insurance (2010)[27]
  • Baja Auto Insurance (2015)[8]
  • USAgencies Insurance (2013)[26]
  • Vern Fonk Insurance (2010)[28]
  • Oasis Insurance (2016)[29]
  • Southern Harvest Insurance (2019)[30]
  • De France Insurance Agency (2013)[31]
  • James Sullivan Insurance (2013)[32]
  • Coyler Insurance (2015)[9]
  • Most Insurance[33]
  • Rodney D. Young Insurance Group (2017)[34]
  • Luxor Insurance (2019)[35]
  • OneSource Dealer Solutions
  • Retail Agency Group (2013)[36]
  • Estrella Insurance (2023) [37]
  • Acceptance Insurance (2023)
[edit]

In 2015, Confie purchased insurance brokerage MGA, which led to a lawsuit of billionaire J. Christopher Flowers, the primary stockholder, who was accused of withholding information.[38][39][40]

In 2018, an Illinois federal judge ruled in favor of Confie and against J.C. Flowers & Co. when Flowers filed a motion to dismiss the lawsuit related to the MGA acquisition.[40]

References

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  1. ^ Flanigan, James (2009-04-15). "The Local Insurance Agency Hustles in a Slump". The New York Times. ISSN 0362-4331. Retrieved 2021-04-16.
  2. ^ a b "Top 100 Property/Casualty Agencies". Insurance Journal. Retrieved 2021-04-16.
  3. ^ "Confie Named Top Independent U.S. Insurance Agency, Unveils New Branding | Markets Insider". markets.businessinsider.com. Retrieved 2021-04-16.
  4. ^ "Insurance Journal West 2020-11-16". Insurance Journal. 12 November 2020. Retrieved 2021-04-16.
  5. ^ a b "Top 50 Personal Lines Leaders". Insurance Journal. 2016-11-21. Retrieved 2021-04-16.
  6. ^ "MGA Bluefire assumes risk with AXA XL collateralized reinsurance deal". The Insurer. 2020-06-30. Retrieved 2021-04-16.
  7. ^ "Confie Rebrands Standard Business as InsureOne; Keeps Freeway for Nonstandard". Insurance Journal. 2019-11-27. Retrieved 2021-04-16.
  8. ^ a b c d "Storefront marketer grows by acquisition—Confie Seguros reaches $200 million in revenues catering to the Hispanic market 04/12". roughnotes.com. Retrieved 2021-04-16.
  9. ^ a b c Waked Succeeds Addeo as CEO at Confie Seguros
  10. ^ "The busiest acquirer you haven't heard of". Fortune. Retrieved 2021-04-16.
  11. ^ "Freeway Insurance Names Waked CEO, Klaeb Chairman". Insurance Journal. 2011-07-08. Retrieved 2021-04-16.
  12. ^ "Confie Named Top Personal Lines Agency for Seventh Consecutive Year". markets.businessinsider.com. Retrieved 2024-12-04.
  13. ^ admin (2023-12-04). "Confie Acquires Acceptance Insurance". Insurance Journal. Retrieved 2024-12-04.
  14. ^ AgencyEquity (2023-12-04). "Confie Acquires Acceptance Insurance". AgencyEquity. Retrieved 2024-12-04.
  15. ^ admin (2024-07-30). "Confie Acquires Insurance Agencies in Texas, Florida, North Carolina". Insurance Journal. Retrieved 2024-12-04.
  16. ^ https://www.theinsurer.com/ti/news/confie-buys-three-agencies-to-expand-nc-fl-and-tx-footprint/
  17. ^ Kreutzer, Laura (2012-11-09). "Genstar Cashes Out Its Stake in Confie Seguros With Sale to Abry". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-04-16.
  18. ^ Roumeliotis, Greg; Stone, Mike (2015-09-21). "Exclusive: U.S. insurance broker Confie explores $1.6 billion sale - sources". Reuters. Retrieved 2021-04-16.
  19. ^ Soriano Appointed as New Confie CEO
  20. ^ a b HB Insurance Firm Names CEO | Orange County Business Journal
  21. ^ "Confie's Rothberg Exits California-Based Nonstandard Auto Insurance Giant". Insurance Journal. 2018-11-01. Retrieved 2021-04-16.
  22. ^ "2024 Top 100 Property/Casualty Agencies". Insurance Journal. Retrieved 2024-12-04.
  23. ^ "Alliant enters merger agreement with Confie - Reinsurance News". ReinsuranceNe.ws. 2021-04-22. Retrieved 2021-05-16.
  24. ^ "Nonstandard Auto Insurance Market Is Not For Everybody". Insurance Journal. 2015-04-13. Retrieved 2021-05-16.
  25. ^ "Confie merges standard personal lines & commercial insurance units". Life Insurance International. 2019-11-26. Retrieved 2021-05-16.
  26. ^ a b Adriano, Lyle. "Confie acquires auto dealer insurance solutions provider". www.insurancebusinessmag.com. Retrieved 2021-05-16.
  27. ^ "NY Auto Insurer Buys Local Cost-U-Less". The Sacramento Bee. 2010-10-05. Archived from the original on 2021-05-16. Retrieved 2021-05-16.
  28. ^ Ruquet, Mark E. (January 31, 2010). "Confie Seguros Acquires Vern Fonk Insurance". PropertyCasualty360. Retrieved 2021-05-16.
  29. ^ Flanigan, James (2009-04-15). "The Local Insurance Agency Hustles in a Slump". The New York Times. ISSN 0362-4331. Retrieved 2021-05-16.
  30. ^ "Confie acquires Georgia-based auto insurance provider". www.spglobal.com. Retrieved 2021-05-16.
  31. ^ "Another WNY insurance firm is acquired by Confie Seguros". bizjournals.com. 2013-11-04. Archived from the original on 2013-11-09. Retrieved 2021-05-16.
  32. ^ "Confie Seguros Expands in NY, Texas". www.ocbj.com. 4 October 2013. Retrieved 2021-05-16.
  33. ^ "Confie Acquires Florida-Based Most Insurance". Insurance Journal. 2016-01-12. Retrieved 2021-05-16.
  34. ^ "ABRY-backed Confie Closes Five Acquisitions". Citybizlist. Retrieved 2021-05-16.
  35. ^ "Confie acquires Best Rate Insurance and Luxor Insurance". NS Insurance. 2019-05-16. Retrieved 2021-05-16.
  36. ^ "Confie Seguros Acquires Affirmative's Retail Agency Group". Insurance Journal. 2013-09-18. Retrieved 2021-05-16.
  37. ^ Confie. "Confie Acquires Estrella Insurance, Expanding its Franchising Division". www.prnewswire.com (Press release). Retrieved 2023-11-01.
  38. ^ "J. Christopher Flowers Sued for Role in Sale of Firm That Crashed Weeks Later". Bloomberg.com. 2018-09-07. Retrieved 2021-04-16.
  39. ^ "Auto Insurance Broker Confie Battles JC Flowers Over Failed Acquisition". Insurance Journal. 2018-09-07. Retrieved 2021-04-16.
  40. ^ a b "PE Firm Can't Dodge Insurer's Fraud Suit Over $100M Deal - Law360". www.law360.com. Retrieved 2021-04-16.
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