AssuranceAmerica Corp. Reports Wholesale Sub Now Writing Fla. Policies

Atlanta-based AssuranceAmerica Corp. announced its Managing General Agency (MGA) was approved to write auto coverages in Florida and is now actively putting Florida auto insurance policies on its books.

In announcing its MGA’s entrance into Florida, Lawrence (Bud) Stumbaugh, president and CEO of AssuranceAmerica, noted, “Trustway Insurance Agencies, the 27 retail locations our holding company owns in Florida, is writing annually in excess of $50 million of auto insurance policies. In the past, this has been through several MGAs and insurance carriers who are not under our corporate ownership umbrella. We are pleased we can now place some of this business in a special niche we feel our own MGA can serve. Perhaps the most exciting thing is that Florida’s specialty auto insurance market is more than three times larger than Georgia’s, the first state in which our MGA generated business, and more than six times the premium volume of South Carolina, the second state where our MGA began generating business. That means we can now attempt to capture a portion of a specialty auto insurance market that exceeds $3 billion.”

AssuranceAmerica focuses on the specialty automobile insurance marketplace, primarily in Florida, Georgia and South Carolina. Its principal operating subsidiaries are TrustWay Insurance, which sells personal automobile insurance policies through its 32 retail agencies, AssuranceAmerica Managing General Agency, and AssuranceAmerica Insurance Company.