Affirmative Acquires Assets of Mich. Underwriting Agency

June 21, 2005

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.

Topics Mergers Underwriting Michigan

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