Affirmative Insurance Holdings announced the acquisition of USAgencies

OPERATOR: Good morning, ladies and gentlemen, and welcome on Affirmative Insurance Holdings announced the acquisition of USAgencies conference call. My name is Shanique and I will convey your coordinator for today. At that time, all participants are in the lists-only mode. We will facilitate a question and answer at the end of the session of the conference. (OPERATOR INSTRUCTIONS) We remind you that this conference is being recorded for the purposes of Replay.

Let me now submitting your host for the conference call today, Mr. Kevin Callahan, Chairman and Chief Executive Officer. Thank you.

Kevin Callahan, Chairman and CEO positive INSURANCE HOLDINGS: thank you very much. We are very pleased to announce that Affirmative Insurance Holdings has a definitive agreement for the adoption of USAgencies, an irregularly shaped Automobile Insurance Company which is headquartered in Baton Rouge, Louisiana. This acquisition is positive with the dominant element of the automobile market share is not in LA, the 12 largest state, if not self-assurance.

Founded just 11 years, grew rapidly in the fifth USAgencies auto insurance in Louisiana. Today, approximately 440 employees and 92 distribution offices in Louisiana, Illinois, and Alabama. The only non-auto insurance, it sells its products directly to consumers via the possession and retail shops, a virtual call center, and its own website.

Between 2001 and 2005, has increased its USAgencies direct written premium of $ 57.4 million to $ 157.3 million or 28% per annum. In 2005, the policy of Louisiana accounted for 92.8% of total premium income taxes included direct USAgencies policy. Given that the company currently produces approximately 70% of the premium written, net premiums earned for the year 2005 were $ 44.2 million, total revenues were slightly over $ 79 million, of whom 12 , 3 million insurance policies and other charges; $ 19.7 million to finance the interest and royalties, and $ 3.4 million on capital income are included in the price.

Loss of profits and loss adjustment cost of $ 32.9 million in 2005, nearly 75% of premiums earned. The agreement provides for a purchase price of approximately USD 200 million, and we expect to finance the purchase price of debt and money. We assume that this acquisition is accretive contribution to the result of year 2007.

This acquisition will bring us closer to our goal of building a dominant position irregularly shaped free auto insurance. We have a unique opportunity to occupation shortcoming in the conduct of this market, now composed of hundreds of small businesses. With the completion of the scale, we believe we will be able to earn a significant competitive advantage, the most important will be to our customers more value than any other competitor at attractive prices.

Affirmative on the proposed takeover of USAgencies be subjected to regulatory and other legal review. We expect a positive result expected, and the purchase within 90 to 120 days.

Related Articles

State Farm no longer writes The new car Policies

June 25, 2002   Send an e-mail this article Print this article Article Special impressions State Farm Insurance Co. announced it would cease writing new car policy Louisiana, and would also request a 16 percent increase over $ 150 million to compensate for the loss. According hours Best and The Times-Picayune, the company is

UPS provides services for small and medium enterprises

Increasingly, UPS's small and medium-sized customers say "Show me the money." Toy e-tailer Toynk.com borrowing for the inventory. Cafe-bakery franchise in Atlanta Bread Company wanted to expand and automate. And High-Tech components distributor Falcon solutions need assistance to the cash-flow. All three have come to recognize that UPS (NYSE: UPS) offers solutions

Serendipity played a significant role in the reunification of Warren Perkins

If Congress had not existed, the Occupational Safety and Health Act in 1970, Warren Jr. C. Perkins, in psychology. It was shortly after the passage of legislation true sign that Mr. Perkins' father pedicure, a patient, worked in the fields of education, that security has always been a hot zone of

The petition as files must respond to the convening of citizens probe

Lawyers for the Louisiana Department of Insurance petition for Declaratory judgement and a request for Expedited hearing in response to a summons in connection with an investigation in Louisiana Citizens Property Insurance Corporation (citizens). The summons was Commissioner of Insurance of the Legislative Audit Advisory Council (LAAC), November 7, 2007. According

DeSoto insurance agent under investigation

MANSFIELD - A DeSoto Parish insurance agent is responsible for the purported study of the production of a document that has been used for a loan with the money as a taxpayer security. The agent of the alleged action, the DeSoto Parish Police Jury damage and reporting accidents at risk retained

Insurers are divided over the fate of Katrina cars

Two months after Hurricane Katrina, the Gulf Coast, concerns grow, naive that consumers and distributors of flooding has been able to buy vehicles destroyed. The insurer did not agree on the nature and how to eliminate vehicles from Katrina. This creates the possibility that some vehicles could be contaminated remarketet. Paul Lips,

Another blog Left big week in LA

So we have a huge week, we are alone, and WOW what has been for a week. First, we had the announcement JINDAL Tour, was preempted by Vitter "I did not say everything, and I am ready to talk about" press conference. This sentence of a plethora of attacks from Republicans

The government revenue summits, New Fire Marshall, ThyssenKrupp, insurance issues, survey indicates

LA income growth Based on figures U.S. Commerce Department, LA, the highest growth in income per capita in the USA during the year 2006. This increase is directly by wage increases following hurricanes Katrina and Rita and the loss of 200000 inhabitants, many of declining income sufficient. Ironically, many employers of

Falling prices in Louisiana appeal against Amgen

NEW ORLEANS (AP) - Louisiana's General Public Prosecutor's Office has an agreement of several authorities of dollars complaint to his predecessor for his last day in office to combat drugs-maker Amgen Inc. (AMGN). Former Attorney General Charles Foti private leased, several lawyers had failed contributed to his re-election campaign to bring

Bailout Agency to enable economies to large discounts on real estate

Direction: Seeking to accelerate the nation savings and loan bailout, the government agreed today to large discounts on 16.4 billion dollars worth of property and others, he proposed the sale. I am looking to accelerate the nation savings and loan bailout, the government agreed today to large discounts on 16.4 billion


Auto insurance quotes Louisiana, Automobile insurance Louisiana, Builders insurance Louisiana, Business insurance Louisiana, Capital insurance Louisiana, Car insurance Louisiana, Commercial insurance Louisiana, Continuing education insurance Louisiana, Contractors insurance Louisiana, Dental insurance Louisiana, Department of insurance Louisiana, Disability insurance Louisiana, Earthquake insurance Louisiana, Group insurance Louisiana, Home owner insurance Louisiana, Homeowner insurance Louisiana, House insurance Louisiana, Insurance agency Louisiana, Insurance agent Louisiana, Insurance brokers Louisiana, Insurance claims Louisiana, Insurance commission Louisiana, Insurance company Louisiana, Insurance compensation Louisiana, Insurance jobs Louisiana, Insurance laws Louisiana, Insurance quotes Louisiana, Insurance regulations Louisiana, Insurance school Louisiana, Liability insurance Louisiana, Life insurance Louisiana, Long term care insurance Louisiana, Medical insurance Louisiana, Motorcycle insurance Louisiana, Nationwide insurance Louisiana, Renters insurance Louisiana, Term life insurance Louisiana, Title insurance Louisiana, Travelers insurance Louisiana, Unemployment insurance Louisiana, Workers compensation insurance Louisiana