Message #28 From:
NewsBot Date: March 15, 2007 01:19:00 PM
ASAM News AssuranceAmerica Corporation Announces Approval to Write Insurance in its 12th State -- Arizona
ATLANTA--(BUSINESS WIRE)--Atlanta based AssuranceAmerica Corporation (OTCBB:ASAM) today announced that AssuranceAmerica Insurance Company has been approved by the Arizona Dept of Insurance to write automobile insurance in that state. According to Automobile Insurance Reports, Arizona generates about $3.4 billion in automobile insurance premium annually with almost $1 billion characterized as non-standard. We believe Arizona is the 10th largest state for the sale of non-standard automobile insurance.
In announcing Arizona’s approval, Lawrence (Bud) Stumbaugh, President and CEO of AssuranceAmerica said, “This is positive news for at least two reasons. First, it is another outlet for growth in our written premiums which have increased over 30% per year for each of the last 3 years. Secondly, according to the most recent Auto Insurance Report, the National Association of Insurance Commissioners reports that Arizona’s loss ratio for auto insurance companies has improved from 68% in 2002 to 58.7% in 2005. It is that kind of increasingly profitable venue in which we want to grow our top line.”
AssuranceAmerica focuses on the specialty automobile insurance marketplace, primarily in Alabama, Florida, Georgia, South Carolina, Texas, and Louisiana. Its principal operating subsidiaries are TrustWay Insurance Agencies, LLC ("Agency"), which sells personal automobile insurance policies through its 48 retail agencies, AssuranceAmerica Managing General Agency LLC ("MGA"), which markets the company’s insurance products through over 1,300 participating independent agencies, and AssuranceAmerica Insurance Company ("Carrier").
This press release includes statements that may constitute "forward-looking" statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, as discussed in the Company's filings with the U.S. Securities Exchange Commission (SEC). Historical results are not indicative of future performance.
