Affirmative Insurance Holdings, Inc. Completes Agency Acquisitions in Florida and Texas.ADDISON, Texas Addison is a city in Dallas County, Texas (USA). The population was 14,166 at the 2000 census. Addison is a northern suburb of Dallas. The city calls itself the Town of Addison but it is incorporated as a city. -- Affirmative AFFIRMATIVE. Averring a fact to be true; that which is opposed to negative. (q.v.) 2. It is a general rule of evidence that the affirmative of the issue must be proved. Bull. N. P. 298 ; Peake, Ev. 2. 3. Insurance Holdings, Inc. (Nasdaq:AFFM AFFM Adoptive and Foster Families of Maine (Old Town, Maine) AFFM Air Flow Field Modification ), a producer and provider of personal non-standard automobile insurance, today announced the completion of two previously disclosed acquisitions. The first acquisition consists of the assets of the retail agency and franchise operations of 21st Century Holding Company (Nasdaq:TCHC TCHC Tri-City Homeless Coalition (Fremont, CA) ) and the second acquisition consists of the assets of BW Insurance Agency, Inc. The 21st Century Holding Company transaction includes the assets of 24 company-owned retail stores and franchise operations consisting of 42 franchise locations in four designated market areas ("DMA (1) (Digital Media Adapter) See digital media hub. (2) (Document Management Alliance) A specification that provides a common interface for accessing and searching document databases. (R)") in Florida, operating under the FED USA(R) brand. The retail agency and franchise operations produce approximately $50.0 million annually of non-standard automobile insurance premiums for multiple insurance companies. The retail stores and franchise operations will continue to operate under the FED USA brand and produce business for the insurance subsidiaries of 21st Century Holding Company as well as for other insurance companies not affiliated with 21st Century Holding Company. Affirmative paid 21st Century Holding Company $7.0 million in cash and will pay up to an additional $2.5 million subject to certain performance criteria being met. In the BW Insurance Agency transaction, Affirmative acquired the assets of 10 retail stores in Texas, nine in the Houston DMA and one in the Beaumont DMA. These stores produce approximately $5.0 million of non-standard automobile insurance premiums for multiple insurance companies annually, and will be converted to the A-Affordable(R) brand name and produce business under A-Affordable's multiple company distribution model. Affirmative paid BW Insurance Agency $750,000 in cash and will pay up to an additional $750,000 subject to certain performance criteria being met. ABOUT AFFIRMATIVE INSURANCE HOLDINGS Headquartered in Addison, Texas, Affirmative Insurance Holdings, Inc., is a producer and provider of non-standard automobile insurance policies to individual consumers in highly targeted geographic markets. Affirmative currently offers products and services in 11 states, including Texas, Illinois, California and Florida. FORWARD LOOKING STATEMENTS DISCLOSURE Certain information in this news release and other statements or materials are not historical facts but are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc such matters as: assumed future results of Affirmative Insurance Holdings, Inc.'s ("the Company") business; financial condition; liquidity; results of operations; plans; and objectives. In connection with the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, the Company provides the following cautionary remarks regarding important factors which, among others, could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. The risks and uncertainties that may affect the operations, performance, results of the Company's business, and the other matters referred to above include, but are not limited to: general volatility of the non-standard personal automobile and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. markets; the market price of our common stock; changes in business strategy; severe weather conditions; availability, terms, and deployment of capital; the degree and nature of competitor product and pricing activity; changes in the non-standard personal automobile insurance industry, interest rates or the general economy; identification and integration of potential acquisitions; claims experience; availability of qualified personnel; and the loss of one or more members of the Company's management team. |
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