Freeway Insurance Names Joseph Waked CEO

Former CEO John Klaeb Appointed Chairman

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Jul 06, 2011, 08:31 ET

BUENA PARK, Calif., July 6, 2011 /PRNewswire/ -- Freeway Insurance, a leading California provider of non-standard auto insurance and a subsidiary of New York-based Confie Seguros, announced today that Joseph Waked has been named Chief Executive Officer of Freeway, replacing Freeway's former CEO, John Klaeb, who has been named Chairman.

Founded in California in 1987, Freeway Insurance has grown to over 190 locations and over 1,200 employees serving customers in Arizona, California and Texas, with related companies in New York, New Jersey, Washington and Oregon. Freeway Insurance writes over $400 million in premiums annually. In 2008, Messrs. Klaeb and Waked partnered with private equity firm Genstar Capital to create Confie Seguros, a rapidly growing national provider of personal lines insurance with an emphasis on serving Hispanic consumers.

"We are very pleased that Joe will serve as CEO of Freeway with responsibility for California, Texas, and Arizona," said John Addeo, CEO of Freeway's parent Confie Seguros. "As one of the leading operating executives in the retail insurance industry, Joe will contribute his extraordinary experience and skill as we continue to grow our company into a national brokerage. At the same time, we will continue to have the benefit of John Klaeb's expertise as Chairman, which will allow him to focus on strategic planning, including M&A activity."

Freeway Insurance, formerly Westline, served as an operating platform for Genstar and the Westline team to build out the California region for Confie Seguros. Mr. Klaeb was founder and CEO of Westline. Mr. Waked, a former attorney, served as Freeway Insurance's COO and has been a key member of the leadership and executive team since Freeway Insurance's inception. He is responsible for leading the company's sales and operations functions. In recent years, his focus has been on raising capital, as well as spearheading acquisition efforts and subsequent integrations.

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, led by seasoned insurance veteran CEO John Addeo, continues to build its portfolio of regional auto insurance brokerages, and today has annual revenues exceeding $160 million. The company has leading market positions in California, Arizona, Texas, Washington, New York and New Jersey, and expects to continue its expansion in those states, as well as in Florida, Illinois, Georgia, and Nevada in addition to other states.