Affirmative Acquires Assets of Mich. Underwriting Agency

Addison, Texas-based Affirmative Insurance Holdings Inc. announced that it has signed a definitive agreement to acquire the assets of IPA LLC, an underwriting agency with operations in Michigan.

The underwriting agency currently generates personal nonstandard auto insurance premiums of approximately $20 million annually.

Affirmative will pay $600,000 at closing to the owners of IPA, will assume certain liabilities for processing, and may pay up to an additional $1.3 million if certain performance criteria are met.
Affirmative currently offers products and services in 11 states, including Texas, Illinois, California and Florida.

Latest Comments

• June 21, 2005 at 6:37 am

  Mark says:

  Brooke is a rip. And they're a pain in the rear to deal with. Too unuser friendly for writing new business.
• June 21, 2005 at 4:42 am

  jack says:

  Looks like a fire sale to me. $20,000,000 at 15% would be $3,000,000 in revenues. This looks like about .6 times when most are going for a minimum of 1 times. They should hav... read more
• June 21, 2005 at 7:04 am

  jack says:

  I was joking a little bit. I've heard similar reports on them.