Alliant Announces Definitive Merger Agreement with Personal Lines Insurance Leader Confie
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Alliant has entered into a definitive merger agreement with Confie, the largest personal lines insurance distributor in the U.S. The agreement includes Confie’s robust family of leading personal insurance brands and more than 1 million customers. Confie and its more than 3,500 employees is currently a portfolio company of Abry Partners, a Boston-based private equity firm.
“Confie and its diverse team of insurance professionals have set the standard for excellence in personal lines insurance and have carried the company to the top of the market,” said Tom Corbett, Chairman and CEO of Alliant. “We are excited to be able to further empower them to do what they’ve always done well.”
Founded in 2008, Confie serves customers through its “click, call, come-in” approach to full-service convenience. As an innovative, technology-focused independent agency, Confie has unique data-driven insight into buying behaviors through its patent-pending technologies.
The company serves its customers nationwide via online purchasing, a national virtual call center, and walk-in personal support at more than 750 local community stores. Confie has seen its continuous digital transformation as an addition to, not a replacement for, the way customers want to access insurance services.
Confie brings in excess of 150 national and regional carrier partnerships to offer auto, motorcycle, homeowners, renters, life, health, and various other insurance products through its brands, including Freeway Insurance, InsureOne Insurance, Bluefire Insurance, OneSource Dealer Services, Cost-U-Less Insurance Center, Baja Auto Insurance, and U.S. Agencies.
“Confie is proud to be the largest personal lines agency, and joining forces with Alliant will further enhance our growth and expand our market opportunities,” said Cesar Soriano, CEO of Confie. “Alliant’s long-standing legacy of strength and growth, combined with Confie’s culture of service, make this an extraordinary growth opportunity for both of our firms. Thanks to our amazing employees and our winning culture, we are ideally positioned to successfully execute on our growth strategy and continue supporting our customers and our communities.”
Soriano and the entire team will continue to provide their trusted brand of service and insurance expertise to customers under the Confie brand.
“We have been proud to be investors in Confie since 2012 as the company grew into the largest personal lines agency in the country. Cesar Soriano and the entire Confie management team have built an innovative and industry-leading business, and we are excited to watch their continued success,” said Brent Stone, a Partner at Abry Partners.
The transaction is expected to be completed in the second quarter of 2021, subject to customary closing conditions, including regulatory approvals. Terms of the agreement were not disclosed.
J.P. Morgan served as financial advisor to Abry and Confie, and Kirkland & Ellis LLP served as legal counsel. Kramer Levin Naftalis & Frankel LLP served as legal counsel to Alliant.
About Alliant Insurance Services
Alliant Insurance Services is one of the nation’s leading distributors of diversified insurance products and services. We operate through a network of specialized national platforms and local offices to offer our clients a comprehensive portfolio of solutions built on innovative thinking and personal service. The business of managing risk is getting more complex, and Alliant is meeting this complexity head-on, not with more layers of management, but with more creativity and agility. Alliant is changing the way our clients approach risk management and benefits, so they can capitalize on new opportunities to grow and protect their organizations. Visit us at alliant.com. About Confie
Established in 2008, Confie is the nation’s leading personal lines insurance distribution company. Today, Confie meets customers wherever they are via a “click, call, come-in” approach supported by over 750 retail locations in 23 states, the Bluefire general agency, and telephone and online service in all 50 states. With flexible insurance options, outstanding value, and convenient service, Confie’s goal is to be the most trusted source of insurance solutions so its customers can have peace of mind. For more information about Confie visit confie.com.
About Abry Partners
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $82 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across its active funds.
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