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AFFMQ revoked registration:
https://www.sec.gov/litigation/admin/2019/34-85076.pdf
Looks like AFFM will be revoked on March 23. Failed to reply to the SEC queries by March 12 so they have 11 more days of grace before the hammer falls.
AFFMQ SEC Suspension
https://www.sec.gov/litigation/suspensions/2018/34-82763.pdf
Order:
https://www.sec.gov/litigation/suspensions/2018/34-82763-o.pdf
Admin Proceeding:
https://www.sec.gov/litigation/admin/2018/34-82762.pdf
YOU READY !? Could top yesterdays highs !
BID higher than Share Price, Could this run again ??? Monster moves on low volume when it does .
running up again !
TEXAS INSURANCE perfect stock here!
https://www.affirmative.com/
AFFMQ 0.0014 nibbles
AFFMQ 0.0065 +72.86%
AFFMQ SS:
Authorized Shares 75,000,000 a/o Mar 30, 2015
Outstanding Shares 16,155,357 a/o Mar 30, 2015
AFFMQ, $0.008, down 80%. Assets: $312 Million, Revenue: $52 million, O/S: 16 m. High: $1.9 early 2015.
And the Q has been added. FINRA is making these disappear faster than they used to. Nothing left for shareholders right?
AFFM changed to AFFMQ, bankruptcy:
http://otce.finra.org/DLSymbolNameChanges
Wow expect sh continue to bail. Not looking good. jmo
I remember passing up on 1 a long time ago and it ran again. then passing up again and it ran again. This is over now though right? BK = finished?
Share Structure
Market Value1 $420,039 a/o Oct 12, 2015
Authorized Shares 19,486,552 a/o Mar 30, 2015
Outstanding Shares 16,155,357 a/o Mar 30, 2015
-Restricted Not Available
-Unrestricted Not Available
Held at DTC Not Available
Float Not Available
Par Value 0.01
Bankruptcy = selling to get out. You will only lose if you buy.
Like the movie Psycho where every 8K is like being stabbed.
Any info on what's going on here?
Bankruptcy and officers quitting.
Hmm what's happening here? at 8 pennies now.
Deal closes! big news for affm! http://boardvote.com/sym/AFFM/452175
It helps them pay off there debts faster and improves their banking
credibility. In the world of business analytics it's a great move if a company can do it. It also gives them another 10 million to add to their 42 million they have in the bank.
Affirmative Insured Holdings (PINK:AFFM) announced the sale of its retail agency business for $100 million in cash. We believe this transaction (which works out to roughly $6.50 per share) will be favorable to the bottom line for AFFM.
http://geoinvesting.com/companies/affm_affirmative_insured_holdings/overview
Affirmative Insured Holdings (PINK:AFFM) announced the sale of its retail agency business for $100 million in cash. We believe this transaction (which works out to roughly $6.50 per share) will be favorable to the bottom line for AFFM.
http://geoinvesting.com/companies/affm_affirmative_insured_holdings/overview
What's your thought on how this news will affect stock price?
Are you checking out this 100 mill sale.
Affirmative Insurance Holdings Announces Sale of Retail Agency Business and New Debt Financing
15 hours 35 minutes ago - DJNF
Affirmative Insurance Holdings Announces Sale of Retail Agency Business and New Debt Financing
ADDISON, Texas, Sept. 16, 2013 (GLOBE NEWSWIRE) -- Affirmative Insurance Holdings, Inc. (OTCQB:AFFM), a leading distributor and producer of non-standard personal automobile insurance policies, announced that it has entered into a definitive agreement to sell its retail agency distribution business to Confie Seguros, a leading California-based national insurance distribution company, for $100 million in cash with the potential to receive an additional $20 million of cash proceeds. Affirmative's retail agency business consists of 195 retail locations in Louisiana, Alabama, Texas, Illinois, Indiana, Missouri, Kansas, South Carolina and Wisconsin and two premium finance companies. The retail agency business employs approximately 500 employees.
The initial $100 million of cash proceeds will include $20 million to be placed in an escrow account that will, dependent upon the risk-based capital status of Affirmative Insurance Company (AIC), be utilized to either infuse capital into AIC or pay down debt. The risk-based capital measurement will be made quarterly as of September 30, 2013 through June 30, 2014. The Company expects to pay down about $72 million of its current $119 million senior debt obligation with the net proceeds available after the $20 million is placed into escrow and transaction expenses.
In addition, the Company may receive up to an additional $20 million of proceeds that could be used to pay down debt or infuse capital into AIC. The additional proceeds are contingent on AIC meeting certain risk-based capital thresholds. The measurement begins as of June 30, 2014 and can be achieved quarterly through December 31, 2015. In the best case scenario, the Company would receive an additional $10 million of proceeds based on the risk-based capital measurement as of June 30, 2014 and an additional $10 million of proceeds based on the measurement as of September 30, 2014.
The Company has also entered into a commitment letter for a $31 million senior secured term loan facility with a maturity date of November 30, 2014, and a $16 million subordinated secured term loan facility with a maturity date of June 30, 2015. Fortress Credit Corp. will participate in both facilities, and JCF AFFM Debt Holdings L.P., an affiliate of J.C. Flowers & Co. LLC and New Affirmative LLC, the Company's 51.0% majority shareholder, will participate in the subordinated secured term loan facility. The new financing is intended to completely replace the Company's existing senior secured loan facility and is expected to close when the retail sale closes.
Mike McClure, Acting Chief Executive Officer, stated "Although the retail business has been a valuable part of Affirmative, this transaction will allow us to address our senior debt maturity issue as our senior debt was set to mature in January 2014. The transaction will also allow us to focus on our insurance production business, which has significantly improved from both a revenue and profitability perspective. Lastly, we will also be entering into a distribution agreement with Confie Seguros and are hopeful that this is the beginning of a long-term partnership with a great distribution company in the non-standard automobile insurance marketplace."
Affirmative will continue to own and operate the retail business until the closing date of the sale. The sale of the retail business and new financing are expected to be completed within 30 days.
About Affirmative
Affirmative Insurance Holdings, Inc. is a distributor and producer of non-standard personal automobile insurance policies and related products and services for individual consumers in targeted geographic markets. Non-standard personal automobile insurance policies provide coverage to drivers who find it difficult to obtain insurance from standard automobile insurance companies due to their lack of prior insurance, age, driving record, limited financial resources or other factors. Non-standard personal automobile insurance policies generally require higher premiums than standard automobile insurance policies.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by, among other things, the use of forward-looking terms such as "likely," "typically," "may," "intends," "expects," "believes," "anticipates," "estimates," "projects," "targets," "forecasts," "seeks," "potential," or "attempts" or the negative of such terms or other variations on such terms or comparable terminology. By their nature, these statements are subject to risks, uncertainties and other factors, which could cause actual future results to differ materially from those results expressed or implied by such forward-looking statements.
Do not unduly rely on forward-looking statements. They give the Company's expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and, except as required by law, the Company does not intend to update them to reflect changes that occur after that date. For a discussion of factors that may cause actual results to differ from expectations, refer to the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012. Any factor described in this press release or in any document referred to in this press release could, by itself or together with one or more other factors, adversely affect the Company's business, earnings and/or financial condition.
CONTACT: Earl R. Fonville
Executive Vice President and Chief Financial Officer
(972) 728-6458
earl.fonville@affirmativeinsurance.com
(MORE TO FOLLOW) Dow Jones Newswires
September 16, 2013 19:25 ET (23:25 GMT)
News Pulse
Affirmative Insurance Holdings Announces Michael J. McClure Named Chief Executive Officer and Director and Earl R. Fonville Named Executive Vice President and Chief Financial Officer
7 minutes ago - DJNF
Affirmative Insurance Holdings Announces Michael J. McClure Named Chief Executive Officer and Director and Earl R. Fonville Named Executive Vice President and Chief Financial Officer
ADDISON, Texas, Sept. 16, 2013 (GLOBE NEWSWIRE) -- Affirmative Insurance Holdings, Inc. (OTCQB:AFFM), a leading distributor and producer of non-standard personal automobile insurance policies, announced that its Board of Directors voted to appoint its current Acting Chief Executive Officer, Michael J. McClure, age 53, to the position of Chief Executive Officer (CEO). Mr. McClure's appointment to the position of CEO will be effective October 1, 2013. The Board of Directors also elected Mr. McClure to the Company's Board effective immediately.
Mr. McClure joined Affirmative in May 2007 as Senior Vice President of Financial Planning and Analysis. In November 2007, Mr. McClure was promoted to be the Company's Executive Vice President and Chief Financial Officer. In April 2013, Mr. McClure was appointed as Acting CEO to facilitate the transition of duties from the current CEO, Gary Y. Kusumi. Prior to joining the Company, Mr. McClure was Interim Chief Accounting Officer and a Managing Director of Residential Capital Corporation from 2004 to May 2007. Mr. McClure is a Certified Public Accountant and holds an MBA in finance and business economics from the University of Chicago and a BBA in accounting from the University of Notre Dame.
The Board of Directors also appointed Earl R. Fonville, age 49, to the position of Chief Financial Officer effective immediately. Mr. Fonville joined the Company in August 2007 as Vice President and Corporate Controller. In November 2008, Mr. Fonville was appointed the Company's Chief Accounting Officer. Prior to joining the Company, Mr. Fonville was Corporate Controller for Glencoe U.S. Holdings, Inc. from November 2004 to July 2007. From May 2002 to October 2004, Mr. Fonville was Corporate Controller for Meadowbrook Insurance Group, Inc. Mr. Fonville holds an MS and a BBA in accounting from Harding University and is a Certified Public Accountant.
About Affirmative
Affirmative Insurance Holdings, Inc. is a distributor and producer of non-standard personal automobile insurance policies and related products and services for individual consumers in targeted geographic markets. Non-standard personal automobile insurance policies provide coverage to drivers who find it difficult to obtain insurance from standard automobile insurance companies due to their lack of prior insurance, age, driving record, limited financial resources or other factors. Non-standard personal automobile insurance policies generally require higher premiums than standard automobile insurance policies.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by, among other things, the use of forward-looking terms such as "likely," "typically," "may," "intends," "expects," "believes," "anticipates," "estimates," "projects," "targets," "forecasts," "seeks," "potential," , or "attempts" or the negative of such terms or other variations on such terms or comparable terminology. By their nature, these statements are subject to risks, uncertainties and other factors, which could cause actual future results to differ materially from those results expressed or implied by such forward-looking statements.
Do not unduly rely on forward-looking statements. They give the Company's expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and, except as required by law, the Company does not intend to update them to reflect changes that occur after that date. For a discussion of factors that may cause actual results to differ from expectations, refer to the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012. Any factor described in this press release or in any document referred to in this press release could, by itself or together with one or more other factors, adversely affect the Company's business, earnings and/or financial condition.
CONTACT: Earl R. Fonville
Executive Vice President and Chief Financial Officer
(972) 728-6458
earl.fonville@affirmativeinsurance.com
(MORE TO FOLLOW) Dow Jones Newswires
September 16, 2013 09:36 ET (13:36 GMT)
What's going on today. Not a good day for affm.
The company holds $42 million in cash
http://www.awesomepennystocker.com/affirmative-insurance-holdings-inc-otcmktsaffm-an-outstanding-stock/
Affirmative Insurance, a Solid Company to Rely On
August 30th, 2013 | Posted by insurance in Insurance reviews
Affirmative insurance company specializes on providing auto insurance. The insurance world is full of unique terms. As a consumer, you need to comprehend the most commonly used terms. We are sure you’ve heard the word “premium”. In general, an insurance premium is the amount that an insurer asks a policyholder to pay so that he can make all the benefits of the policy. The main thing that goes into figuring out premium is your driving record. In addition, the type of your car is also usually taken into account. There are several factors that are actually beyond a policyholder’s control. For example, you live in a place which is prone to accidents, causing much money should be paid out for auto claims. It will automatically increase the average premiums in the area. Other factors include driving experience and age will also be considered. With such a wide assortment of factors, premiums will vary among policyholders.
Affirmative insurance Affirmative Insurance, a Solid Company to Rely On
Auto insurance companies
There is one important thing you need to know about auto insurance. Companies probably will not send you a notice containing some options to save premium. Instead, cutting the costs down is something that you should work on. Even if you have a good driving record, you still need to invest your time to find ways that can really help you save money. If you managed to reduce your premiums, you will get more benefits in the long run. Here are some conditions that let you save more on premiums. The competition in every sector is very tight these days. Not even insurance companies can circumvent such fierce competition. It’s like a blessing in disguise, and customers will benefit the most. Since insurance companies are vying to offer the best products and services, shopping around for a policy is not that hard. Your task will be much easier with brokerage sites. They collect quotes from several companies, allowing you to compare prices and plans accurately. An auto insurance contract is different from a mobile contract. If you no longer need an insurance contract, you can cancel it right away and the company will refund the rest of the unused premium. There are no things like a two-year contract or more to cut costs down. If you find a more tempting offer while you are still under contract with a company, you can jump ship without fear of breaking the agreement with your old company.
Affirmative insurance
This insurance company is a subsidiary of AIHI. The company takes care of policy administration, marketing, and actuarial functions for multiple carriers. The company operates from two different locations, Dallas and Chicago. Their mission is to provide reliable products and services to consumers. They know that everyone has different needs. Their specialty is automobile insurance. Although they have to compete with many other companies, they keep trying to reach the highest position in the insurance industry which is definitely hard to get. A good company will always listen to advice from the customers. The company is trying to keep in touch with the clients to figure out what they need and want. Furthermore, the company is also committed to deliver proper claims handling. That’s all you need to know about Affirmative Insurance.
http://www.insurancesafety.org/affirmative-insurance-a-solid-company-to-rely-on.html
Thanks Pennylove I'm surprised we
had such a slow day.
Have Fundamentals Improved for Affirmative Insurance Holdings Inc (OTCMKTS:AFFM)?
Las Vegas, NV -- (SBWIRE) -- 08/28/2013 -- Affirmative Insurance Holdings, Inc. (OTCMKTS:AFFM) reported consolidated financial results for the three and six months that ended 30th June, 2013.
Acting Chief Executive Officer of Affirmative Insurance Holdings, Inc., Michael McClure stated that the company is pleased that it achieved profitability on a quarterly basis for the first time in years. He said that the second quarter results demonstrate a continued progress as a result of actions that were taken with respect to pricing, underwriting and expense reduction.
Michael McClure continued that the company is also are benefiting significantly from favorable non-standard personal automobile insurance market conditions majorly in Texas and in California to a lesser extent and Louisiana as well as our more aggressive competition has subsided. He said that this has led to significant gross written premium growth in 2013. The company expects these favorable conditions to continue and possibly expand to other states.
To find out what OTCMAGIC projects for Affirmative Insurance Holdings, Inc. for both short term and long term please click here: AFFM
OTCMAGIC Spends all day scouring the markets for the next huge Penny Stock Winner. Investors have come to trust us for our up to date commentary on all hot stocks so please visit OTCMAGIC right now and see what it’s all about for yourself! At 30,000 Visitors a Month and growing rapidly OTCMAGIC is the hottest thing in Hot Stocks!
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Posted Wednesday, August 28, 2013 at 1:32 PM CDT - Permalink
There sure banging this gong today
2.00-2.89 that's cool, get it on
Hopefully that 2.10 was new bottom, if so
the next run started now
Yes, Finally A Pull Back, Welcomed Indeed.
Now that it's here and hopefully selling is out of everybody's
system this can get it on big time.
I'm about out Modin here, it's been nice cruisin here with y"all the last couple of weeks. Thanks Everybody <3
JD400, I think you have got a winner here in due time. I know have already done well, but I think it will get a lot better.
A super fat finger trade lol!
AFFM Sitting On A Cool 3,150.00% Off It's 52 Week Low Of 0.10
on 11 20 12
Thanks Dr.Key Good Stuff, I was so impressed with
8K filing I got in on the 16th and have bought everyday since.
I don't know anything about the Insurance business but do know a great filing when I see it.
Each line was a bombshell in it's own rank.
Listing them as line items helps one see the filing was many filings or PRs wrapped up into one Huge Mother Humper. LOL
1. Achieved profitability on a quarterly basis for the first time in years.
2.Continued progress as a result of actions taken with respect to pricing, underwriting and expense reduction.
3.Benefiting significantly from favorable non-standard personal automobile insurance market conditions primarily in Texas and to a lesser extent in California and Louisiana.
4. Aggressive competition has subsided.
5. Significant gross written premium growth in 2013.
6. Expect favorable conditions to continue and possibly expand to other states.
7. Solved Illinois Department of Insurance reserve requirement issue.
8.Do not anticipate any issues with the reserve requirement going forward.
9. Working with their senior lenders to find a solution for their senior debt maturity in January 2014.
10. Actions they have taken and the changes continue to make in conjunction with the improved market conditions.
11. Should lead to continued improved financial performance.
12. Total gross premiums written for the three months ended June 30, 2013 increased $21.5 million, or 45.7%, compared with the prior year quarter.
13. Total gross premiums written for the six months ended June 30, 2013 increased $29.4 million, or 26.1%, compared with the prior year period.
14. Historically, they assumed premiums from a Texas county mutual insurance company (the county mutual) whereby they assumed 100% of the policies issued by the county mutual for business produced by our owned general agents. The county mutual did not retain any of this business and there were no loss limits other than the underlying policy limits. The assumed reinsurance agreement was terminated on January 1, 2013 on a cut-off basis and the third-party reinsurance company that the Company has had quota-share agreements with since September 2011 is assuming 100% of the business originated through the county mutual. However, they continue to serve as a general agent for this business. Unearned premium of $11.8 million was returned to the Texas county mutual as of January 1, 2013 related to the termination of the reinsurance agreement. If they had included the county mutual business production in the 2013 gross written premiums, the increase for the three and six months ended June 30, 2013 would have been $31.1 million and $61.4 million, or 66.0% and 54.5%, respectively, compared with the prior year. This increase was primarily due to an increase in new business policies generated in Texas and California
15. They believe this growth in Texas and California was due to a number of competitors that had been aggressive on pricing in the past either exiting the marketplace or reducing their writings significantly. They anticipate further gross written premium growth in 2013.
16. They Cut Their Losses
Net losses and loss adjustment expenses for the second quarter increased $11.5 million, or 43.1%, compared with the second quarter of 2012. The percentage of net losses and loss adjustment expense to net premiums earned (the net loss ratio) was 77.0% in the current quarter, compared with 76.5% in the prior year quarter. For the first six months of 2013, net losses and loss adjustment expenses increased $17.4 million, or 33.2%, compared with the first half of 2012
17. Selling, general and administrative expenses (SG&A) increased $1.8 million in the second quarter, or 7.4%, compared with the second quarter of 2012, which was primarily due to increases in distribution costs related to increased earned premium, which were partially offset by decreases in professional services fees and advertising expenses.
18. For the first half of 2013, restructuring and debt modification costs of $2.5 million related to the termination of an outsourced information technology services agreement, senior secured lenders' legal and financial advisor fees and severance costs were incurred, compared with $0.7 million in the first half of 2012. Excluding restructuring and debt modification costs, SG&A expenses increased $4.0 million, or 8.1%, compared with the prior year period, which was primarily due to increases in distribution costs related to increased earned premium, which were partially offset by decreases in advertising expenses, employee compensation and benefits due to decreased headcount and professional fees due to the termination of an outsourced technology services agreement.
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Looks different in line items doesn't it. One can truly understand the rally looking at this, this way.
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Their are tons and tons of consumers who have a hard time getting car insurance because of various reasons and all the large insurance companies have a field day on them and take advantage of them. Affirmative specializes in non standard policy's just for them. A relief for millions of drivers nation wide.
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Affirmative Insurance Holdings and its companies currently offer products and services in selected target markets within the Midwest, Southwest and Southeast regions of the United States. Concentrating on top 15 states which combined represent 75% of the total NSA market.
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