AssuranceAmerica Corporation Announces South Carolina Expansion.Business Editors ATLANTA--(BUSINESS WIRE)--Dec. 19, 2003 Bud Stumbaugh, 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 ASSURANCEAMERICA CORPORATION (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ASAM ASAM American Society of Addiction Medicine ASAM Advanced Surface-to-Air Missile ASAM Advanced Services Access Manager ASAM ATM Subscriber Access Multiplexer (Alcatel) ASAM Association for Solidarity with Asylum Seekers and Migrants ), today announced that subsidiary AssuranceAmerica Insurance Company, a property and casualty insurer that focuses on the nonstandard non·stan·dard adj. 1. Varying from or not adhering to the standard: nonstandard lengths of board. 2. private passenger automobile market, will commence writing business in the state of South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. later this month. "We are very excited to begin writing business in South Carolina, and we believe the state will be a vital component to our growth strategy," stated Stumbaugh. "Our research indicates that the market for nonstandard private passenger automobile is approximately $500 million in South Carolina, and the sector is growing at approximately 12% annually." AssuranceAmerica focuses on the non-standard automobile insurance marketplace, primarily in Florida and Georgia. Its principal operating subsidiaries are AssetAmerica Insurance Agencies, which sells personal automobile insurance policies through its 31 retail agencies, AssuranceAmerica Managing General Agency, and AssuranceAmerica Insurance Company. Established in 2000, AssuranceAmerica Managing General Agency develops and markets insurance products, underwrites insurance risks, adjusts insurance claims and binds new policies. In 2002, AssetAmerica and AssuranceAmerica Managing General Agency wrote an aggregate of approximately $56 million dollars in premiums. AssuranceAmerica Insurance Company, which was formed in the fourth quarter of 2002, began writing business in the state of Georgia on April 1, 2003. This press release includes statements that may constitute "forward-looking" statements. These statements are made pursuant to 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. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statement, including the risk that AssuranceAmerica Insurance Company will not write as much business in South Carolina as is currently anticipated. AssuranceAmerica Corporation undertakes no obligation to update these statements for revisions or changes after the date of this release. |
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