Exhibit 99.1
September 22, 2009
Dear Shareholders (and friends) of AssuranceAmerica,
All divisions of the Company showed favorable year-over-year net income results for August. We expect to have our Florida claims office open in September, giving us better oversight of this important state.
We believe the non-standard auto insurance market is slowly firming up which should be beneficial to our company. Time will tell!
Following is our report on August’s results:
| August (Unaudited) | ||||||||||||||||||||||||
| Current Month | Year To Date | |||||||||||||||||||||||
| 2009 | 2008 | Change | 2009 | 2008 | Change | |||||||||||||||||||
| (In $1,000) | % | (In $1,000) | % | |||||||||||||||||||||
• Gross Premiums Produced1* | $ | 12,975 | $ | 12,147 | 7 | % | $ | 103,923 | $ | 99,975 | 4 | % | ||||||||||||
• MGA/Carrier Gross Premiums Produced1,2 | $ | 9,306 | $ | 7,868 | 18 | % | $ | 76,426 | $ | 67,917 | 13 | % | ||||||||||||
• MGA/Carrier Revenues2 | $ | 5,357 | $ | 4,746 | 13 | % | $ | 41,639 | $ | 38,240 | 9 | % | ||||||||||||
• Retail Agencies Gross Premium Produced1,2* | $ | 4,657 | $ | 5,511 | (16 | )% | $ | 38,423 | $ | 44,649 | (14 | )% | ||||||||||||
• Retail Agencies Group Revenues2* | $ | 697 | $ | 804 | (13 | )% | $ | 6,079 | $ | 6,930 | (12 | )% | ||||||||||||
• Company Revenues* | $ | 5,879 | $ | 5,331 | 10 | % | $ | 45,763 | $ | 42,963 | 7 | % | ||||||||||||
• Company Pre-Tax Income before stock option* | $ | 481 | $ | (81 | ) | 694 | % | $ | 2,465 | $ | 184 | 1240 | % | |||||||||||
• Company Pre-Tax Income* | $ | 452 | $ | (91 | ) | 597 | % | $ | 2,241 | $ | 112 | 1901 | % | |||||||||||
| 1 | Gross Premiums Produced is a non-GAAP financial metric used as the primary measure of the underlying growth of the company’s revenue stream. | |
| 2 | Before intercompany eliminations | |
| * | Current year financial data includes agency acquisitions that may not be included in prior year data |
To follow your stock, we suggest you go to http://finance.yahoo.com, symbol ASAM.OB. As always, we appreciate your continued support and interest in AssuranceAmerica Corporation.
Sincerely,
/s/ Guy W. Millner | /s/ Joseph J. Skruck | |||||
| Chairman and Chief Executive Officer | President and Chief Operating Officer |
This document is for informational purposes only and not intended for general distribution. It does not constitute an offer to sell, or a solicitation of an offer to buy securities in AssuranceAmerica Corporation. This document includes statements that may constitute “forward-looking” statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.