AssuranceAmerica Corporation Reports Results
for the Three and Six Months Ended June 30, 2010
August 31, 2010 04:37 PM Eastern Daylight Time
ATLANTA--(EON: Enhanced Online News)--Atlanta-based ASSURANCEAMERICA CORPORATION (OTC
BB: ASAM) today announced its unaudited financial results for the three and six months ended June 30, 2010.
Gross premiums written decreased 10% during the second quarter of 2010 compared to the same period in 2009,
and decreased 6% in six months period in 2010 compared to the same period in 2009.
Revenues were $15.6 million and $33.8 million for the three and six months ended June 30, 2010, compared to
revenues of $16.4 million and $34.2 million for the three and six months ended June 30, 2009.
The Company reported a net loss of $161 thousand for the second quarter, compared to net income of $182
thousand for the same period in 2009. The Company’s net income was $0.7 million for the six month period ended
June 30, 2010, compared to $1.0 million in 2009.
Guy W. Millner, Chairman and CEO, stated, “The soft market of 2009 continues into 2010. Price increases are
challenged by an economy in which many of our policyholders are unemployed. Our strategy is to continue to grow
in states where pricing allows us a favorable margin and reduce writings where it doesn’t. Our Company continues to
make the necessary investments so that we will be in a position to benefit once the market improves.”
AssuranceAmerica focuses on the non-standard automobile insurance marketplace, primarily in Alabama, Arizona,
Florida, Georgia, Indiana, Louisiana, Mississippi, South Carolina, Texas and Virginia. Its principal operating
subsidiaries are TrustWay Insurance Agencies, LLC (“Agency”), which sells personal automobile insurance policies
through its 45 retail agencies, AssuranceAmerica Managing General Agency, LLC (“MGA”), and
AssuranceAmerica Insurance Company (“Carrier”).
This press release, contains certain statements that may be deemed to be “forward-l