Confie Seguros Names Joseph Waked CEO

Former CEO John Addeo Continues As Executive Chairman

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Jan 10, 2012, 08:10 ET

NEW YORK, Jan. 10, 2012 /PRNewswire/ -- Confie Seguros, a rapidly growing national provider of insurance with an emphasis on serving Hispanic consumers, today announced that it has named Joseph Waked as Chief Executive Officer. John Addeo, former CEO and co-founder of the business, will remain with the company as Executive Chairman and continue to be involved in the strategic direction of the firm as well as evaluating select acquisitions.

"The promotion of Joe Waked to CEO is a natural progression for our firm as we prepare for the next phase of Confie Seguros' growth," said Mr. Addeo. "Confie has reached significant scale and the timing is appropriate for Joe to assume this senior leadership position as CEO and guide the company forward. We will rely on Joe's strong operational management background and experience in acquiring and successfully integrating businesses as we continue building our national footprint."

Mr. Waked was most recently CEO of Freeway Insurance, a California subsidiary of Confie Seguros, and formerly served as Freeway's Chief Operating Officer. He has been a key principal of the leadership and executive team since Freeway's inception and has focused on driving growth and raising capital, as well as, spearheading acquisition efforts and subsequent integrations.

"Under John's leadership Confie Seguros has become a company approaching $200 million in revenue as we enter our fifth year," said Mr. Waked. "We intend to double those revenues in the next five years as we prepare to be the first national personal lines broker for auto, homeowners and small commercial insurance. Our senior management team will continue to benefit from John's counsel as we work to achieve that goal."

Confie Seguros is a portfolio company of Genstar Capital, a San Francisco-based private equity firm that focuses on investments in selected segments of the life sciences, healthcare, financial services, software, and industrial technology industries. Genstar established Confie Seguros in 2008 in collaboration with the company's management team to acquire insurance agencies focused on the Hispanic consumer.

About Confie Seguros

Confie Seguros is a leading national insurance distribution company primarily focused on the insurance needs of the Hispanic consumer. The experienced Confie Seguros management team continues to build its portfolio of regional auto insurance brokerages, and today has annual revenue exceeding $180 million with over 275 retail locations. The company has leading market positions in California, Arizona, Texas, Florida, Washington, Oregon, New York, New Jersey, and Nevada, and expects to continue its expansion in those states as well as in Illinois, Georgia, and the Carolinas.