×

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

Affirmative Insurance Holdings, Inc. Logo

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

Source:Affirmative Insurance Holdings, Inc.