Affirmative Insurance Holdings Inc., a producer and provider of personal non-standard auto insurance, announced the completion of a previously announced acquisition of the assets of IPA LLC, an underwriting agency with operations in Michigan.
The underwriting agency currently generates personal non-standard auto insurance premiums of approximately $20 million annually.
Affirmative paid $600,000 at closing to the owners of IPA, assumed certain liabilities for processing of claims and provision of customer service from existing business, and may pay up to an additional $1.3 million if certain performance criteria are met.
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