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Another independent insurance agency in Western New York has agreed to be acquired by Confie, the national consolidator that has now purchased 13 local agencies since 2012.
The Schunke Insurance Agency in West Seneca is now part of Confie’s local holdings. Founded in the mid-1980s, the agency focuses on personal and small business lines of insurance.
According to a release, founder and owner Richard Schunke Sr. and his son Rick Schunke Jr. will stay on after the acquisition to manage the business. Terms of the deal were not disclosed.
Mordy Rothberg, chairman of Confie, said the California-based company remains “on track” with its plans to buy 10 agencies in Western New York before the end of 2015. Including Schunke, it has done five deals so far and Rothberg expects to do another three to five by the end of December.
“In Upstate New York, we have a great track record and a lot of credibility,” Rothberg said. “There are a lot of entrepreneurial agency owners who don’t have perpetuation plans and we give them the worth of their business and the comfort that their legacy will stay on. We take care of their employees and, most importantly, their customers.”
Confie — previously known as Confie Seguros — is one of the nation’s most active consolidators in the insurance industry. The company was founded in 2008 and so far has completed more than 80 acquisitions in places such as New York, Texas and South Carolina.
Along with Schunke, it also recently acquired agencies in Long Island and Texas. The company is financially backed by private equity firm ABRY Partners LLC in Boston and revenues exceed $460 million in 17 states, according to its website.
Allissa Kline
Reporter
Buffalo Business First
