Atlanta based AssuranceAmerica Corporation (OTCBB:ASAM) today announced that its insurance carrier has been approved by the Tennessee Department of Insurance to write automobile coverages in that state. According to The National Association of Insurance Commissioners, Tennessee generates almost $3 billion in automobile insurance premium annually, making it one of the top twenty states in the United States. Auto Industry Report reported that Tennessee has been a profitable auto insurance market for 9 out of the last 10 years. Its profit margin was 10.8% according to the latest reporting data distributed by Auto Industry Report.
In announcing Tennessee’s approval, Lawrence (Bud) Stumbaugh, President and CEO of AssuranceAmerica said, “Our admission into Tennessee is yet another step forward in our geographic expansion plans. We look forward to beginning to write auto policies on behalf of our neighbors just north of our corporate headquarters.”
AssuranceAmerica focuses on the specialty automobile insurance marketplace, primarily in Alabama, Florida, Georgia, Louisiana, Mississippi, South Carolina, Texas, Arizona and Indiana. Its principal operating subsidiaries are TrustWay Insurance Agencies, LLC (“Agency”), which primarily sells personal automobile insurance policies through its 50 retail agencies, AssuranceAmerica Managing General Agency LLC (“MGA”), which markets the company’s insurance products through over 1,800 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.