Bud Stumbaugh, CEO of AssuranceAmerica Corp. announced that its subsidiary, AssuranceAmerica Insurance Company, a P/C insurer that focuses on the nonstandard private passenger automobile market, will commence writing business in South Carolina later this month.
“We are very excited to begin writing business in South Carolina, and we believe the state will be a vital component to our growth strategy,” Stumbaugh stated. “Our research indicates that the market for nonstandard private passenger automobile is approximately $500 million in South Carolina, and the sector is growing at approximately 12 percent annually.”
The company currently does most of its business in Florida and Georgia. Its principal operating subsidiaries are AssetAmerica Insurance Agencies, which sells personal automobile insurance policies through its 31 retail agencies, AssuranceAmerica Managing General Agency, and AssuranceAmerica Insurance Company.
Established in 2000, AssuranceAmerica Managing General Agency develops and markets insurance products, underwrites insurance risks, adjusts insurance claims and binds new policies. In 2002, AssetAmerica and AssuranceAmerica Managing General Agency wrote an aggregate of approximately $56 million dollars in premiums. AssuranceAmerica Insurance Company, which was formed in the fourth quarter of 2002, began writing business in the state of Georgia on April 1, 2003.
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