AssuranceAmerica Corp. has acquired Atlanta-based Cannon Insurance Agency for 3.6 million shares of common stock.
Cannon is a retail insurance agency that produces about $7 million annual premium volume with emphasis on sales of non-standard auto insurance products.
“This acquisition will help us reach our goal of $65 million of retail premium volume in 2005 and company-wide premium volume of $100 million,” Lawrence ‘Bud’ Stumbaugh, AssuranceAmerica president and CEO.
Atlanta-based AssuranceAmerica focuses on the non-standard automobile insurance marketplace, primarily in Florida, Georgia and South Carolina. Its principal operating subsidiaries are TrustWay Insurance, AssuranceAmerica Managing General Agency and AssuranceAmerica Insurance Co.
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