Skip to content
Subscriber Only

J. Christopher Flowers Sued for Role in Sale of Firm That Crashed Weeks Later

  • Confie Seguros alleges it got ‘raw deal’ in transaction
  • Car-insurance broker faces $916 million in debt coming due

It took just 78 days for a deal involving billionaire J. Christopher Flowers to blow up.

Confie Seguros Holding II Co., an owner of auto-insurance brokerages that cater to Hispanic drivers with spotty credit, paid $100 million for another brokerage that had ties to Flowers -- just weeks before that company’s financial situation deteriorated, leaving Confie with a worthless acquisition.