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US personal lines insurance provider Confie Seguros has completed acquisition of Texas State Low Cost Insurance Agency for an undisclosed amount.
The purchase of Austin-based Texas State Low Cost Insurance reflects the company's aim to expand its distribution network beyond existing locations in San Antonio and Houston, US.
Founded in 1978, Texas State Low Cost Insurance is led by CEO/President, Michael Morris, and offers personal and commercial insurance from 43 locations, while holding a strong footprint on Texas I-35 Corridor comprising Austin, West Texas and East Texas.
Despite the transaction, Morris will continue as president of Sales, while Kelly Myers will serve as general manager.
Confie Seguros CEO Joe Waked said retention of Morris and Myers in management positions will help the company to further build its presence throughout Texas.
''In addition to providing additional scale to our Texas operations, Texas State Low Cost has a long-standing reputation that will provide opportunities for us to identify strategic fill-in acquisitions throughout the state of Texas," Waked added.
Morris said, "This transaction represents a great fit for our employees, and Confie will be a great partner with the resources to help us grow both organically and through additional acquisitions.''
Founded in 2008 and based in California, Confie Seguros operates as an insurance distribution company mainly focused on the needs of Hispanic consumers and has created a national portfolio of regional auto insurance brokerages.
The company is planning to complete a multitude of important transactions in the second half of 2013, in an effort to continue expansion of its national presence.
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Related Dates
2013> May
Related Industries
Financial Services> Insurance> Non-Life Insurance> Personal Insurance> Property
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