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.
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