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NU Online News Service, Feb. 1, 4:00 p.m. EST
San Francisco-based insurance brokerage Confie Seguros said it has acquired Vern Fonk Insurance Services Inc., an insurance agency headquartered in Puget Sound, Wash.
Confie Seguros said Vern Fonk, with offices in Washington and Oregon, is a second-generation, family-owned agency of about 40 employees generating approximately $7 million in revenue. The agency specializes in auto, home and business insurance. It was founded in 1952.
The Vern Fonk name will be kept, said Confie Seguros, and the brand will be expanded with purchases of other agencies in Washington and Oregon, with the aim of making the firm the leading insurance agency in the Pacific Northwest.
Confie Seguros said it plans to consolidate auto insurance brokerages and become the first national broker primarily dedicated to Hispanic consumers.
The firm seeks to build a national distribution company with revenues exceeding $250 million with focus on key markets including but not limited to California, Arizona, Florida, Texas, Georgia, Washington and Nevada. Confie Seguros is a portfolio company of San Francisco-based private equity firm Genstar Capital.
Mordy Rothberg, president of Confie Seguros, told National Underwriter his company believes that the time “is ripe for growth. We see growth internally and externally with new stores opening and adding to our growth as well.”
The firm, he added, has more than 70 locations in California alone and is generating more than $80 million in revenue.