Vern Fonk Insurance Services Acquired By Confie Seguros

NEW YORK, Feb. 1 /PRNewswire/ -- Confie Seguros, a rapidly growing provider of auto insurance with an emphasis on serving Hispanic consumers, today announced that it acquired Puget Sound icon Vern Fonk Insurance Services, Inc., one of the leading Insurance agencies in Washington and Oregon.

The acquisition broadens Confie Seguros' presence and places it on track to become the leading national insurance distribution company primarily focused on the needs of Hispanic consumers. The Confie Seguros and Vern Fonk management team has developed a growth strategy to become the leading insurance agency in the Pacific Northwest with added emphasis to serving the Hispanic community. Confie Seguros is committed to expanding the Vern Fonk brand, which will include purchasing other agencies in Washington and Oregon.

Because of the firm's reputation Confie Seguros will continue the use of the Vern Fonk name. "This new partnership with Confie Seguros provides Vern Fonk Insurance the capital it needs to continue to expand the company by targeting strategic acquisitions and opening new locations in high growth areas in Washington and Oregon," said Kevin Mulvaney, who will remain president and CEO of Vern Fonk.  "Our goal is to continue providing an unmatched level of customer service and new product offerings for our customers."  

John Addeo, CEO of Confie Seguros, said, "Kevin successfully built Vern Fonk in the Greater Washington area and the company has a great brand.  We are pleased to partner with him and his team to help us expand our market share throughout Washington and Oregon and as we do so we will focus on enhancing our existing services while at the same time building our presence with the very growing Hispanic community. We continue to identify strong companies in other markets and we look forward to offering a wider range of services to our customers."

Robert Thielke III will remain the head of marketing and will continue to develop the company's trademark innovative and memorable commercials. Craig Rexroat will oversee south end operations.

Clear Lake Consulting served as an advisor on this transaction.

About Confie Seguros

Confie Seguros plans to consolidate auto insurance brokerages and become the first national insurance distribution company primarily dedicated to Hispanic consumers. In the next three years, the Confie Seguros management team, led by experienced insurance brokerage CEO John Addeo, look to build a national distribution company with revenues exceeding $250 million, focusing on key markets including, but not limited to, California, Arizona, Florida, Texas, Georgia, Washington and Nevada.  

About Vern Fonk

Vern Fonk Insurance has been in business since 1952, voted Best in Western Washington by Evening Magazine and licensed with over twenty companies. Vern Fonk Insurance is a second generation, family-owned business that specializes in auto, home, and business insurance. They also issue SR-22 for suspended licenses and broad form coverage for people who do not own a vehicle.

About Genstar Capital, LLC

Genstar Capital (www.gencap.com) is a leading private equity firm that for over 20 years has been actively investing in high quality middle-market companies and building value in those businesses by utilizing the expertise of its operating partners.  Based in San Francisco, Genstar works in partnership with its management teams and its network of operating partners and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $3 billion of committed capital under management and targets investments focused on selected sectors within the life science, healthcare services, software and software services, financial services, and industrial technology industries.

SOURCE Confie Seguros