AssuranceAmerica acquires assets of Florida no-fault agency.Nonstandard automobile insurer AssuranceAmerica Corp. has acquired the assets of Tampa Tampa (tăm`pə), city (1990 pop. 280,015), seat of Hillsborough co., W Fla., a port of entry with an impressive harbor on Tampa Bay; inc. 1855. The third largest city in the state, Tampa has long been a shipping and manufacturing hub on the Gulf Coast. No-Fault Insurance no-fault insurance, type of indemnity plan, usually applied to automobile coverage, in which those injured in an accident receive direct payment from the company with which they themselves are insured. Originated (1947) in Saskatchewan, Canada, no-fault insurance eliminates the need for accident victims to establish another's liability, or fault, through a civil lawsuit. Lawyers' groups oppose no-fault, saying that it limits the citizen's right to sue. Agency, the company said. Tampa No-Fault is a retail insurance agency in Tampa, Fla., that produces more than $3 million in annual premium volume with an emphasis on nonstandard auto, according to Assurance America. The acquisition price wasn't disclosed. Assurance America said the expansion is part of its "strategy of geographical diversification." |
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