Affirmative Insurance Holdings Announces the Acquisition of USAgencies.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. & BATON ROUGE Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La. -- 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 ) and privately-held USAgencies, L.L.C., today announced a definitive agreement under which Affirmative will acquire 100% of the membership units of USAgencies, in a fully-financed all cash transaction valued at approximately $200 million. The transaction is subject to regulatory approval and other usual closing conditions associated with similar transactions. USAgencies is a privately-held non-standard automobile insurance provider headquartered in Baton Rouge, Louisiana For the Canadian restaurant, see . Baton Rouge (from the French bâton rouge), pronounced /ˈbætn ˈɹuːʒ/ in English, and . It has 92 sales offices in Louisiana, Illinois and Alabama selling its products directly to consumers through its retail stores, virtual call centers and internet site. The retail stores in Louisiana will continue to operate under the USAgencies brand. In 2005, USAgencies had gross written premium of approximately $157 million. "This acquisition brings us closer to building a significant presence in the non-standard automobile insurance industry," stated Kevin Callahan, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Affirmative. "The acquisition of USAgencies will give Affirmative access to Louisiana, the 12th largest non-standard automobile insurance market in the country." "This is great news for our customers and employees," said Kevin Couhig, Chairman of USAgencies' Strategic Options Committee which handled negotiations for the definitive agreement. Couhig further stated, "USAgencies over the years has delivered exceptional value and service to its customers - it is a great company comprised of great people. We strongly believe that joining with Affirmative is the right strategy for USAgencies' customers, employees, and owners." Affirmative's management will conduct a conference call today at 10:00 a.m. Eastern time (9:00 a.m. Central time). Following a brief presentation, participants will have the opportunity to ask questions. To participate in the call, dial 866-356-4441 and use pass code 62516192. The international dial-in number is 617-597-5396. A real-time audio webcast of the conference call can be accessed by visiting our Web site at http://www.affirmativeholdings.com . Click on the "investor relations Investor relations The process by which the corporation communicates with its investors. " link where an audio link is provided. Individuals accessing the audio webcast will be "listen only" and will not have the ability to take part in the Q&A session. A replay of the call will be made available approximately one hour after the conclusion of the call. Interested individuals can access the webcast replay at http://www.affirmativeholdings.com by clicking on the webcast link. A phone replay will also be available through October 24, 2006 and may be accessed by dialing 888-286-8010 (international dial 617-801-6888), pass code 20532260. 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. Disclosure Certain information in this news release and other statements or materials are not historical facts but are forward-looking statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc such matters as future results of Affirmative's 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, Affirmative provides the following cautionary remarks regarding important factors that, among others, could cause its actual results and experience to differ materially from the anticipated results or other expectations expressed in its forward-looking statements. The risks and uncertainties that may affect the operations, performance, results of its 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 Affirmative's 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; and availability of qualified personnel. ABOUT AFFIRMATIVE INSURANCE HOLDINGS Headquartered in Addison, Texas, Affirmative Insurance Holdings, Inc., is a producer and provider of personal non-standard automobile insurance policies to individual consumers in highly targeted geographic markets. Affirmative currently offers products and services in 12 states, including Texas, Illinois, California and Florida. ABOUT USAgencies Headquartered in Baton Rouge, Louisiana, USAgencies, L.L.C. provides non-standard personal automobile insurance and premium finance products and services on a direct-to-consumer basis in Alabama, Illinois and Louisiana. |
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