Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AFFIRMATIVE INSURANCE HOLDINGS INC | d735593d8k.htm |
 Annual
Shareholders’
Meeting
May 29, 2014
Exhibit 99.1 |
 Company Confidential
Forward Looking Statements
Certain
statements
made
in
this
presentation
are
“forward-looking”
and
made
pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These
forward-looking
statements
typically
are
identified
by
use
of
terms
such
as
“may,”
“will,”
“should,”
“plan,”
“expect,”
“anticipate,”
“estimate”
and similar words, although
some forward-looking statements are expressed differently. Forward-looking
statements represent our management's judgment regarding future events.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, the Company can give no
assurance that such expectations will prove to be correct.
All
statements
other
than
statements
of
historical
fact
included
in
this
presentation are forward-looking statements. The Company cannot guarantee the
accuracy of the forward-looking statements, and the Company’s actual
results could differ materially from those contained in any
forward-looking statements due to a number of
factors,
including
those
identified
under
the
heading
“Risk
Factors”
contained
in
the
Company’s most recent annual report on Form 10-K filed with the Securities
and Exchange Commission. Accordingly, such forward-looking statements are
subject to a number of risks and uncertainties and may cause actual results to
differ materially from the Company’s expressed expectations. The Company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to such statements to reflect any change in its
expectations with regard thereto or any changes in the events, conditions or
circumstances on which any such statement is based. 2
|
 Company Confidential
Today’s Agenda
•
2013 Highlights
•
First Quarter 2014 Progress
•
2014 Objectives
•
Questions and Answers
3 |
 Company Confidential
2013 Highlights
•
Sale of retail distribution business for $100 million upfront that resulted in a $65
million gain.
•
Addressed senior debt maturity issue by refinancing debt at lower cost.
•
Addressed Illinois Department of Insurance reserve requirement issue.
•
Significant price increases in all of our major states –
Louisiana, Texas and
California.
•
Improved relationships with independent agents.
•
Significantly reduced expenses.
•
Achieved an operating profit in the second quarter for the first
time in years.
•
Stock price increased from $0.14 at year-end 2012 to $2.55 at year-end
2013. 4 |
 Company Confidential
First Quarter 2014 Progress
•
Net income of $664,000.
•
Gross written premiums managed increased $12 million, or 13%, over 2013. All
of the increase was due to increases in renewal policies and rates.
•
Took actions starting in late 2013 to terminate unprofitable agency
relationships primarily in Louisiana and Texas.
•
Significant price increases in all of our major states –
Louisiana, Texas and
California.
•
Excluding the retail distribution business, SG&A expenses declined $8 million,
or 27%, compared with 2013.
5 |
 Company Confidential
6
Q & A |