Atlanta based ASSURANCEAMERICA CORPORATION (OCT BB: ASAM.OB) today announced it has acquired The Insurance Center, Inc. of Sarasota, Fla., a retail insurance agency operating as Apple Insurance Mall. It produces approximately $35 million in annual premium volume and approximately $3.5 million in annual revenues with emphasis on the sales of non-standard auto insurance products, through its 16 offices in Florida. This brings the total insurance agencies of AssuranceAmerica to 50 offices.
In announcing the acquisition, Bud Stumbaugh, President and CEO of AssuranceAmerica said, “This is our second acquisition completed this year. While each is distinctive and of different sizes, both are well run, profitable, and expected to continue to operate in much the same way they have before we acquired them. I expect the increase in premium volume from these two acquisitions will put our retail subsidiaries above the $100 million mark of controlled premium on an annualized basis. We expect to see additional benefits through increased commission levels, additional writings through our insurance subsidiary, and the efficiencies of a larger operation.”
AssuranceAmerica focuses on the non-standard automobile insurance marketplace, primarily in Florida, Georgia and South Carolina. Its principal operating subsidiaries are TrustWay Insurance, which sells personal automobile insurance policies through its 50 retail agencies, AssuranceAmerica Managing General Agency, and AssuranceAmerica Insurance Company.
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.