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AssuranceAmerica Corporation (GM)

AssuranceAmerica Corporation (GM) (ASAM)

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ASAM Discussion

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Renee Renee 8 years ago
ASAM: effective Jan. 6,2017 one for 500,000 reverse split followed by a 500,000 for one forward split. Prior to the forward split, holders of fractional shares (less than 500,000) will receive $0.055/share and will not participate in the forward split.
genlou genlou 11 years ago
Did ASAM go private? If one purchase shares now,is that an investment in the company?
Big_Money_Upward Big_Money_Upward 11 years ago
Symbol change noted
Big_Money_Upward Big_Money_Upward 11 years ago
Lol, getting rid of the small fish, forced cash out.
Renee Renee 11 years ago
ASAM: 1-10,000 R/S with cash out of shareholders of less than 10,000 shares at $0.04 per pre-split share, immediately followed by a 10,000-1 F/S
Troy Lando Troy Lando 11 years ago
otcbargains otcbargains 12 years ago
Lively board. You still in or did I just buy some shares from you?
10 bagger 10 bagger 14 years ago
ASAM.. $0.33

AssuranceAmerica Corporation Reports Improved Net Income Results for the First Quarter Ended March 31, 2010

Business Wire - Apr 19 at 17:31

Company Symbols: NASDAQ-OTCBB:ASAM

ATLANTA--(BUSINESS WIRE)-- Atlanta-based ASSURANCEAMERICA CORPORATION (OTC BB: ASAM) today announced its unaudited financial results for the three months ended March 31, 2010.

Three Months Ended March 31,

(in thousand, except per ratios)

2010 2009 Change

Total revenue $ 18,176 $ 17,774 2 %

Income before taxes $ 1,399 $ 1,346 4 %

Net income $ 839 $ 817 3 %

Revenues for the three month period ended March 31, 2010 increased 2% to $18.2 million, compared to $17.8 million in 2009 as a result of increased premiums earned and improved investment income results within the Carrier/MGA wholesale division.

The Company's income before taxes for the three month period ending March 31, 2010 were $1.4 million compared to $1.3 million in 2009. The Company's net income was $839 thousand for the three month period ended March 31, 2010 compared to $817 thousand in 2009.

Gross premiums produced, which includes gross written premium in the Carrier/MGA wholesale division and premiums for policies sold in the retail division, decreased 3% to $44.8 million for the three months ended March 31, 2010 compared to $46.0 million for the same period of 2009. The decrease in gross premiums produced was primarily driven by lower production within the Carrier/MGA and the retail division due to soft market conditions. Gross Premiums Produced, a non-GAAP financial measure, is used by management as the primary measure of the underlying growth of the Company's revenue streams from period to period.

Joseph J. Skruck, President, stated, "Given the continued challenging market conditions, I am pleased with our results this quarter, which reflect our focus on maintaining strong underwriting discipline."

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 43 retail agencies, AssuranceAmerica Managing General Agency, LLC ("MGA"), and AssuranceAmerica Insurance Company ("Carrier").

Forward-Looking Statements

This press release, contains certain statements that may be deemed to be "forward-looking statements". These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release not dealing with historical results or current facts are forward-looking and are based on estimates, assumptions, and projections. Statements that include the words "assumes", "believes," "seeks," "expects," "may," "should," "intends," "likely," "targets," "plans," "anticipates," "estimates" or the negative version of those words and similar statements of a future or forward-looking nature identify forward-looking statements.

The primary events or circumstances that could cause actual results to differ materially from those expected by AssuranceAmerica Corporation include determinations with respect to reserve adequacy, realized gains or losses on the investment portfolio including other-than-temporary impairments for credit losses, rising loss cost trends, actions of competitors and natural disasters. AssuranceCorporation undertakes no obligation to publicly update or revise any of the forward-looking statements. For a more detailed discussion of some of the foregoing risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see AssuranceAmerican Corporation filings with the Securities and Exchange Commission.




For the Three Months Ended March 31,

2010 2009


Gross premiums written $ 32,380 33,600

Ceded premiums written (22,026 ) (22,769 )

Net premiums written 10,354 10,831

Change in unearned premiums (1,922 ) (2,544 )

Net premiums earned 8,432 8,287

Commission income 6,390 6,681

Managing general agent fees 3,122 2,793

Net investment income 132 145

Net investment gains (losses) on 11 (239 )

Other fee income 89 107

Total revenue 18,176 17,774


Losses and loss adjustment expenses 5,957 5,760

Selling, general, and administrative 10,354 10,154

Stock option expense 89 79

Depreciation and amortization expense 279 300

Interest expense 98 135

Total operating expenses 16,777 16,428

Income before income taxes 1,399 1,346

Income tax provision 560 529

Net income $ 839 817

Earnings per common share:

Basic $ 0.013 0.013

Diluted $ 0.013 0.013

Weighted average shares outstanding-basis 65,385,468 65,047,708

Weighted average shares 65,948,319 64,147,708

Source: AssuranceAmerica Corporation

True FL Native True FL Native 17 years ago
Form 4 filed today. Old news though.
True FL Native True FL Native 17 years ago
Thanks for adding to the board H-C.
H-C H-C 17 years ago
H-C H-C 17 years ago
24 million float
True FL Native True FL Native 17 years ago
I created this board to see if anyone out there knew much about these guys. I thought they looked interesting. Looks like revs are growing and they have expanded to additional states over the last year including California and Florida. I bought some shares little while back and it has sat pretty flat. I am thinking about adding some more because I think the additional expansion is going pay off down the road. Let me know.

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