Affirmative Insurance Holdings announced the acquisition of USAgencies - Final
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.
Related Articles
Illinois Sweeps Saturday Baseball Doubleheader
LANSING, Mich. - Senior Steve Gerstenberger, and every day, Kyle had three matches and on the right, Senior hander Mark Sorensen has a quality pitching start of the Michigan State baseball team has two ends of a Saturday The Illini doubleheader Oldsmobile Park won the first game, 9 -5, before
Drop the Senate Republican efforts to reduce tax profits
With the agreement reluctantly by the Bush administration, Republican Senate today effectively abandoned their efforts to win a tax cut this year. She did this in its plans for action on three major expenditure. With the agreement reluctantly by the Bush administration, Republican Senate today effectively abandoned their efforts to win
2 For a large insurer Hit P.R. Nid chicken
Two major Illinois-based automobile insurers collapsed in an accident public relations in California and Massachusetts, and estimates for the image as costly repairs. It was a case a resistible industry unmovable collision with the force of public opinion. As a result of automobile insurance face lost in the industry with the adoption
For motorists tenants, new options for insurance
In the jungle of automobile consumption, equipment rental, foliage becomes increasingly thick. The problem is insurance. Until there is little time before the tenant of a simple question: Do I like it or not? Many consumers say supporters of such insurance is a very ill-treatment and should probably rejected. "As an insurance
Fort Worth Star-Telegram, Texas, Todd Mason column
COUNTY fuel mutual insurance revolution AUTO: On first blush State lawmakers are not lacking for decisions relating to automobile insurance law. A house committee Tuesday began advises bills, deregulation of automobile insurance, re-regulation or try something in between. But there was never enough patience for the legislative power of Texas, did
New Jersey is holding État's Farm deduction of automobile insurance market
State Farm Indemnity Co. can discharge more than 13 percent of its auto insurance customers over the next two years, but must be immediately any attempt to pull the state budget until the year 2007 complements the earlier, New Jersey, the regulator announced Tuesday. Beginning in September and continuing training for
How to determine the best form of auto insurance
Illinois mandates that all drivers of auto insurance, but the insurance industry and consumers to agree that the amounts required by law are insufficient. How much is enough, and what is yet many are open to discussions. Illinois requires all drivers to have liability insurance for the dead, wounded and material damage
Belleville News-Democrat, Ill., business-Beat column
Better insurance CAR PRICES: Are you always the best price for auto insurance? Perhaps it is time to reconsider your policy. Analyses online auto insurance providers San Francisco-based Esurance offers you do once a year. Here's what do you propose: Credit score - Many insurance companies use your credit card customer determine
The insurance business increased by 20% SC
The insurance business grew by 20 per cent in South Carolina, during the last year to $ 9.76 billion of premiums for 8.13 billion dollars in the year 2001, when several lines of increased coverage. In the meantime, some big names continue to dominate the markets and domestic auto, despite the
Peoria-Pekin on the parameters of the national health reform
In 1994, April Bradley University's Center for Business and Economic Research interviewed inhabitants of the Peoria-Pekin Metropolitan Statistical Area (MSA) for their views on health insurance and national systems of health care plans. During this reaction is rejected, a single payer Canadian style of a plan by two to one