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AssuranceAmerica Corp.
Symbol:  ASAM


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Business Summary: AssuranceAmerica Corporation, through its subsidiaries, underwrites and distributes primarily non-standard personal automobile insurance products to individuals in Georgia, South Carolina, Florida, Louisiana, Texas, Alabama, Arizona, Indiana, Mississippi, and Virginia.
 
Address
  RiverEdge One
  Suite 600
5500 Interstate North Parkway
  Atlanta , GA 30328
  Phone: 770-925-0200
  Fax: 770-952-0258
  Website: http://www.assuranceamerica.com
Transfer Agent
  Fidelity Transfer Co.
Employees:  263
ShareHolders:  768
Founded:  1969
Domicile:  Nevada
 
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AssuranceAmerica Corp.
Symbol:  ASAM


Click here for a printable version
AssuranceAmerica Corporation, through its subsidiaries, underwrites and distributes primarily non-standard personal automobile insurance products to individuals in Georgia, South Carolina, Florida, Louisiana, Texas, Alabama, Arizona, Indiana, Mississippi, and Virginia. Its non-standard insurance products provide customers with coverage for the minimum required statutory limits for bodily injury and property damage liability arising out of the operation of a motor vehicle. The company also offers insurance coverage that affords protection for collision and physical damage to the insureds' motor vehicles, bodily injury, and property damage caused by uninsured motorists, medical payments, towing and labor, and accidental death and dismemberment. In addition, it provides accounting, product management, legal, policyholder administration, and claims services. The company is headquartered in Atlanta, Georgia.
History:  INCORPORATED in Nevada Apr. 7, 1986, as Auric Metals Corp.; and on June 5, 1986, merged a Utah corporation of the same name (incorporated May 9, 1969). Name changed to Brainworks Ventures, Inc. Nov. 13, 2000, and to AssuranceAmerica Corp. July 2, 2003. April 1, 2003, acquired AssuranceAmerica Corp., a Georgia corporation (AssuranceAmerica Georgia). Shareholders of AssuranceAmerica Georgia received apx. 43,000,000 Common shares of the company, including shares received upon subsequent conversion of Series A Convertible Preferred stock of AssuranceAmerica Georgia into Common stock of the company. August 3, 2004, acquired substantially all of the assets of Thomas-Cook Holding Company (TCHC). As consideration, the company paid TCHC $462,000 in cash, issued TCHC a promissory note in the amount of $1,078,000, and issued TCHC 1,320,000 Common shares of the company.
 
Subsidiaries:
Acquisition Sub, Inc.
AssuranceAmerica Capital Trust I
AssuranceAmerica Claims Services, LLC
AssuranceAmerica Corporation
AssuranceAmerica Insurance Company
AssuranceAmerica Managing General Agency of Alabama Corporation
AssuranceAmerica Managing General Agency, LLC
TrustWay Insurance Agencies, LLC
 
 
Capital Expenditures, thousand. US Dollars
  Year  Amount
  2009  304
  2008  1,207
  2007  786
 
 
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AssuranceAmerica Corp.
Symbol:  ASAM


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Management
OfficersPosition
 Guy W. MillnerChairman & Chief Executive Officer
 Joseph J. SkruckPresident & Chief Operating Officer
 John M. MongelliSR VP, Chief Financial Officer & Chief Accounting Officer
 Mark H. HainSecretary, Exec VP & General Counsel
 Al  YeagerSR VP
 Gregory Dean WoodsController
 Renee A. PinczesInvestor Relations Contact

Directors
 John E. Cay, III
 Quill O. Healey
 Guy W. Millner
 Donald  Ratajczak
 William R. Reed, Jr.
 Kaaren J. Street
 Sam  Zamarripa
 
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AssuranceAmerica Corp.
Symbol:  ASAM


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Capitalization as of 12/31/2009:
 
 Authorized SharesOutstanding Shares
Common $0.01 par120,000,00065,144,357
Preferred $0.01 par5,000,000None
 
DEBT: $5,755,851.
 
Common $0.01 par
 
Stockholders:  03/08/2010, 768.
Transfer Agent:  Fidelity Transfer Co.   Salt Lake City , UT
 
OTC Bulletin Board( Primary): ASAM
 
ExchangeYearHighLow
OTC Bulletin Board20090.50000.1000
OTC Bulletin Board20080.66000.1500
OTC Bulletin Board20071.75000.3600
OTC Bulletin Board20062.00000.7800
OTC Bulletin Board20051.01000.5500
OTC Bulletin Board20041.60000.5100
OTC Bulletin Board20032.50000.2000
 
DIVIDENDS: Common $0.01 par: None.
 
 
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AssuranceAmerica Corp.
Symbol:  ASAM


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Annual Report
 
Income Statement
  20092008
REVENUES
Net Premiums Earned34,423,81028,767,730
Net Investments Income670,244670,148
Net Investment Losses on Securities(362,030)(388,226)
Other Fee Income341,549307,828
Managing General Agent Fees10,277,41012,505,160
Commission Income21,641,25021,375,130
Total revenues66,992,24063,237,765
EXPENSES
Losses and Loss Adjustment Expenses(25,248,450)(23,732,730)
Selling, General and Administrative(38,871,540)(38,688,260)
Stock Option Expense(333,890)(49,047)
Depreciation and Amortization Expenses(1,183,299)(1,287,614)
Goodwill Impairments-(3,374,057)
Interest Expense(458,500)(717,829)
Earnings before Taxes896,562(4,611,763)
TAXES AND OTHER EXPENSES
Provision for Income Tax(448,815)1,396,875
Net Income (Loss)447,747(3,214,888)
SUPPLEMENTARY INFO
Basic EPS - Continuing Operations0.01(0.05)
Diluted EPS - Continuing Operations0.01(0.05)
 
Balance Sheet
  20092008
ASSETS
Cash and Cash Equivalents6,253,6438,287,149
Short-term Investment, Available-for-sale365,717652,480
Receivable from Insured35,173,72031,162,660
Reinsurance Recoverables43,809,12038,987,130
Other Receivables1,766,7621,655,375
Prepaid Expenses510,558608,861
Prepaid Reinsurance Premiums25,098,05022,916,150
Cash-restricted1,800,000-
Prepaid Income Taxes249,452238,443
Property and Equipment2,012,9632,530,352
Long-term Investments, Held to Maturity At1,015,374-
Marketable Equity Securities, At Fair Value1,918,8411,776,671
Other Securities155,000155,000
Long-term Investments, At Fair Value7,518,1448,194,572
Investment Income Due & Accrued180,71996,186
Intangibles7,509,9347,780,959
Deferred Tax Assets2,909,2293,699,994
Deferred Acquisition Costs2,457,6472,321,517
Other Assets335,526348,472
Security Deposit105,315105,060
Total Assets141,145,717131,517,030
LIABILITIES
Unearned Premiums35,916,16032,907,710
Reinsurance Payable28,523,28026,416,490
Funds Withheld from Reinsurers1,875,00075,000
Accounts Payable and Accrued Expenses8,551,3707,496,998
Revolving Line of Credit1,500,000-
Provisional Commission Reserve3,599,2893,361,045
Unpaid Losses and Loss Adjustment Expense41,972,98042,580,700
Notes Payable and Related Party Debt774,0011,720,108
Trust Preferred Securities4,981,8504,975,185
SHAREHOLDERS' EQUITY
Common Stock - Par Value651,443649,538
Additional Paid in Capital17,363,62016,911,640
Accumulated Deficit(4,440,473)(4,888,220)
Net Unrealized Losses on Investment Securities, Net of Taxes(122,806)(689,162)
Total Shareholders Equity13,451,78411,983,791
Total Liabilities & Shareholders Equity141,145,717131,517,030
 
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AssuranceAmerica Corp.
Symbol:  ASAM


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Interim Report   
 
Data Not Available
 
 
 
 
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AssuranceAmerica Corp.
Symbol:  ASAM


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Pro Forma Report   
 
Data Not Available
 
 
 
 
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AssuranceAmerica Corp.
Symbol:  ASAM


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Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2010   118,180,000
  2009   117,770,000
  2009   216,410,000
  2009   317,050,000
  2009   415,760,000
  2009   Full Year 66,990,000
  2008   116,760,000
  2008   215,540,000
  2008   315,640,000
  2008   415,290,000
  2008   Full Year 63,240,000
  2007   115,170,000
  2007   214,490,000
  2007   314,410,000
  2007   414,300,000
  2007   Full Year 58,380,000
  2006   115,380,000
  2006   212,990,000
  2006   313,130,000
  2006   412,230,000
  2006   Full Year 53,720,000
  2005   17,810,000
  2005   28,140,000
  2005   39,920,000
  2005   411,250,000
  2005   Full Year 37,120,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2010   1840,000
  2009   1820,000
  2009   2180,000
  2009   3230,000
  2009   4(790,000)
  2009   Full Year 450,000
  2008   1380,000
  2008   2(150,000)
  2008   3(620,000)
  2008   4(2,830,000)
  2008   Full Year (3,210,000)
  2007   1640,000
  2007   2120,000
  2007   3(40,000)
  2007   4(440,000)
  2007   Full Year 280,000
  2006   1800,000
  2006   2380,000
  2006   3780,000
  2006   Full Year 4,731,600
  2005   2320,000
  2005   3770,000
  2005   Full Year 2,329,600
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2010   1.01
  2009   1.01
  2009   2Nil
  2009   3Nil
  2009   4(.01)
  2009   Full Year .01
  2008   1.01
  2008   2Nil
  2008   3(.01)
  2008   4(.04)
  2008   Full Year (.05)
  2007   1.01
  2007   2Nil
  2007   3Nil
  2007   4(.01)
  2007   Full Year Nil
  2006   1.01
  2006   2Nil
  2006   3.01
  2006   4.05
  2006   Full Year .08
  2005   1.01
  2005   2Nil
  2005   3.01
  2005   4.01
  2005   Full Year .03
 
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