Atlanta-based AssuranceAmerica Corp. has announced the acquisition of Tampa No-Fault Insurance Agency Inc., a retail insurance agency in Tampa, Fla. producing more than $3 million in annual premium volume with emphasis on sales of non-standard auto insurance products.
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 32 retail agencies, AssuranceAmerica Managing General Agency and AssuranceAmerica Insurance Co.
“This acquisition meets our objectives of acquiring agencies that are well established in their market, focused on our niche non-standard auto insurance business, do not overlap with our locations and allows us to add AssuranceAmerica Insurance Company’s products into their existing product offerings,” In announcing the acquisition, Lawrence (Bud) Stumbaugh, president and CEO of AssuranceAmerica said. “We expect to see increasing revenues and efficiencies as a result of this new addition to our agency group.”
AssuranceAmerica Insurance recently received approval to commence operations in Mississippi. This is the seventh state that has given approval to AssuranceAmerica’s carrier and/or MGA to write automobile insurance policies. In addition to Mississippi, these states are Georgia, South Carolina, Florida, Alabama, Arkansas and Texas.
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