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First Acceptance Corporation Reports Operating Results for the Quarter and Year Ended December 31, 2023 (3/05/24)
NASHVILLE, TN / ACCESSWIRE / March 5, 2024 / First Acceptance Corporation (OTCQX:FACO) today reported its financial results for the quarter and year ended December 31, 2023.
Our 2023 Annual Report can be found at www.otcmarkets.com/stock/FACO/disclosure.
Income before income taxes, for the three months ended December 31, 2023, was $84.0 million, compared with loss before income taxes of $2.4 million for the three months ended December 31, 2022. Net income for the three months ended December 31, 2023, was $62.4 million, compared with net loss of $2.1 million for the three months ended December 31, 2022. Diluted net income per share was $1.62 for the three months ended December 31, 2023, compared with diluted net loss per share of $0.06 for the same period in the prior year.
Income before income taxes, for the year ended December 31, 2023, was $99.0 million, compared with loss before income taxes of $22.0 million for the year ended December 31, 2022. Net income for the year ended December 31, 2023, was $73.9 million, compared with net loss of $17.5 million for the year ended December 31, 2022. Diluted net income per share was $1.92 for the year ended December 31, 2023, compared with diluted net loss per share of $0.46 for the same period in the prior year.
On December 1, 2023, the Company sold its wholly owned subsidiary, Acceptance Insurance Agency of Tennessee, Inc. ("the Insurance Agency"). The Insurance Agency was the retail sales agency operation of the Company, and principally sold non-standard automobile insurance and related products through employee-agents operating from 288 leased retail locations in 13 states. The Company has recognized a gain of $73.0 million on this sale, net of disposals of goodwill and intangible assets and net of transaction and other related costs.
Excluding the gain on sale of the Insurance Agency of $73.0 million, income before income taxes for the year ended December 31, 2023 was $26.0 million compared with loss before income taxes of $22.0 million for the year ended December 31, 2022, and income before income taxes for the three months ended December 31, 2023 was $11.0 million compared with loss before income taxes of $2.1 million for the three months ended December 31, 2022.
The Company's President and Chief Executive Officer, Ken Russell, commented "Following the sale of our retail insurance agency operations on December 1, 2023, our Company began a transition from an automobile insurance carrier with a primarily captive retail-based distribution to a solely independent agent-based distribution. As presented in our 2023 financial statements, this transaction provided the financial benefits of increased stockholder value and both current and future additional statutory surplus for our insurance companies. It has also allowed us to narrow our operational focus to the underwriting results of our insurance companies."
"In connection with our transition and reorganization, I am pleased to announce some organizational changes effective March 1, 2024. Doug Jensen, previously our insurance carrier's Chief Insurance Operations Officer, has been named Chief Operating Officer of First Acceptance Corporation and will manage all day-to-day corporate operations. I will retain the position of President and Chief Executive Officer continuing to strategically direct the Company and provide our executive team with guidance and support. Additionally, Anthony Delaney, previously in-charge of Product and Underwriting for the insurance carrier, has been promoted to Executive Vice President and named the Chief Insurance Operations Officer, replacing Mr. Jensen, and Sarannah McMurtry, the Company's General Counsel, has been promoted to Executive Vice President - General Counsel."
Mr. Russell further commented "We have now seen a full year of favorable impact from our premium rate increases and the moderation of physical damage loss severities. In addition, we have experienced premium and policy growth in both our former retail channel (now part of the independent agent channel) and our existing expanded independent agent channel. We believe that the current market conditions for the Company remain favorable, and we expect these positive trends to continue."
About First Acceptance Corporation
First Acceptance Corporation is an insurance holding company headquartered in Nashville that underwrites non-standard personal automobile insurance through insurance companies known as the First Acceptance Insurance Group.
Additional information about First Acceptance Corporation can be found online at www.firstacceptance.com.
Unfortunately when you have car insurance and kids in the same sentence. You have to reach for your wallet. I’m reaching for mine right now.
FACO is actually a great little insurance company. I had my auto insurance with them for a couple of years. The rates were good and the customer service was great. Unfortunately, they raised them through the roof when my kids started driving.
Delisted from NYSE to OTC symbol FACO
http://otce.finra.org/DLAdditions
FIRST ACCEPTANCE CORPORATION (FAC)
Last Trade [tick] 0.8510 [-]
Volume 316,510
Net Change -0.2690
Net Change % -24.02%
52 Week High 1.5100 on 03/27/2017
52 Week Low 0.7800 on 03/19/2018
Day High 0.9549
Day Low 0.7800
First Acceptance Corporation Announces Intent to Voluntarily Delist from the New York Stock Exchange (3/19/18)
NASHVILLE, Tenn., March 19, 2018 (GLOBE NEWSWIRE) -- First Acceptance Corporation (NYSE:FAC), today announced that it has submitted written notice to the New York Stock Exchange (the “NYSE”) of its intent to voluntarily delist its common stock, par value $.01 per share, from the NYSE and to subsequently deregister its common stock under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company and its subsidiaries also intend to suspend their reporting obligations under the Exchange Act, which they are eligible to do because each class of securities has fewer than 300 stockholders of record.
First Acceptance Corporation expects to file a Form 25, Notification of Removal from Listing and/or registration under Section 12(b) of the Exchange Act with the Securities and Exchange Commission (“SEC”) on or about March 29, 2018. The Form 25 will become effective 10 days after it is filed. As a result, the Company’s common stock will no longer be listed on the NYSE effective on or about April 9, 2018. The Company is taking action to allow its common stock to trade through the OTC market.
First Acceptance Corporation also intends to deregister its common stock with the SEC and become a non-reporting company under the Exchange Act. The company intends to file a Form 15 upon the effectiveness of the NYSE delisting. As of the date of filing the Form 15, the obligation of the Company and its subsidiaries to file reports under the Exchange Act, including Forms 10-K, 10-Q and 8-K, will be immediately suspended. Other filing requirements will terminate upon the effectiveness of deregistration under Section 12(g) of the Exchange Act, which is expected to occur 90 days after filing the Form 15.
About First Acceptance Corporation
We are principally a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. Our insurance operations generate revenue from selling non-standard personal automobile insurance products and related products in 16 states. We currently conduct our insurance servicing and underwriting operations in 13 states and operate only as an insurance agency in three states. We are also licensed as an insurance company in 13 states where we do not conduct any business. Non-standard personal automobile insurance is sought after by individuals because of their inability or unwillingness to obtain standard insurance coverage due to various factors, including payment history, payment preference, failure in the past to maintain continuous insurance coverage or driving record and/or vehicle type.
At December 31, 2017, we leased and operated 350 retail locations and a call center staffed with employee-agents. Our employee-agents primarily sell non-standard personal automobile insurance products underwritten by us and through third-party carriers for which we receive a commission. We also offer a variety of additional commissionable products, and, in most states, our employee-agents also sell an insurance product providing personal property and liability coverage for renters that is underwritten by us. In addition to our retail locations, we are able to complete the entire sales process over the phone via our call center or through the internet via our consumer-based website or mobile platform. On a limited basis, we also sell our products through selected retail locations operated by independent agents. Additional information about First Acceptance Corporation can be found online at www.acceptance.com.
https://globenewswire.com/news-release/2018/03/19/1442091/0/en/First-Acceptance-Corporation-Announces-Intent-to-Voluntarily-Delist-from-the-New-York-Stock-Exchange.html
First Acceptance Corporation Reports Operating Results for the Three and Nine Months Ended September 30, 2016 (11/10/16)
NASHVILLE, Tenn., Nov. 10, 2016 (GLOBE NEWSWIRE) -- First Acceptance Corporation (NYSE:FAC) today reported its financial results for the three and nine months ended September 30, 2016.
Operating Results
Loss before income taxes, for the three months ended September 30, 2016 was $0.3 million, compared with $4.5 million for the three months ended September 30, 2015. Net loss for the three months ended September 30, 2016 was $0.3 million, compared with $3.0 million for the three months ended September 30, 2015. Basic and diluted net loss per share were $0.01 for the three months ended September 30, 2016, compared with $0.07 for the same period in the prior year.
Loss before income taxes, for the nine months ended September 30, 2016 was $39.3 million, compared with $3.0 million for the nine months ended September 30, 2015. Net loss for the nine months ended September 30, 2016 was $25.7 million, compared with $2.2 million for the nine months ended September 30, 2015. Basic and diluted net loss per share were $0.63 for the nine months ended September 30, 2016, compared with $0.05 for the same period in the prior year.
For the three and nine months ended September 30, 2016, we recognized $0.1 million of favorable prior period loss development and $27.5 million of unfavorable prior period loss development, respectively. Additionally, the results for these periods were favorably impacted by net realized gains on investments of $4.9 million from the sales of fixed maturities that were sold to increase the statutory capital and surplus of our insurance company subsidiaries. The nine months ended September 30, 2016 also includes a $1.2 million gain on sale of foreclosed real estate. The three and nine months ended September 30, 2015 included $3.4 million and $3.6 million, respectively, of costs related to a litigation settlement.
Recently-appointed President and Chief Executive Officer, Ken Russell, commented, “There have been extreme challenges within the automobile insurance industry over the last year, particularly in the non-standard sector. My goal is to return the Company to profitability by combating these obstacles through a focus on appropriate pricing and risk segmentation of our product and efficient processing of claims.”
Loss Ratio. The loss ratio was 92.6% for the three months ended September 30, 2016, compared with 85.0% for the three months ended September 30, 2015. The loss ratio was 104.8% for the nine months ended September 30, 2016, compared with 81.2% for the nine months ended September 30, 2015. We experienced favorable development related to prior periods of $0.1 million and unfavorable development related to prior periods of $27.5 million for the three and nine months ended September 30, 2016, respectively. This unfavorable development for the nine months ended September 30, 2016 was the result of increased losses primarily from the 2015 accident year across all major coverages. The most significant causes of the development were a greater than usual emergence of reported claims and higher bodily injury severity.
Excluding prior period development, the loss ratio for the 2016 accident year is now estimated to be 92.7%. This elevated loss ratio is primarily due to higher than expected claim frequency across all major coverages and higher bodily injury severity. We believe that an increase in distracted driving, along with an increase in the number of miles driven by insured drivers as a result of lower gas prices and a favorable economy has been a contributing factor to an industry-wide increase in frequency. In response, the Company has continued to implement aggressive rate and underwriting actions as warranted at a state and coverage level and strengthen its claims organization and processes.
Revenues. Revenues for the three months ended September 30, 2016 increased 17% to $102.1 million from $87.6 million in the same period in the prior year. Revenues for the nine months ended September 30, 2016 increased 24% to $301.8 million from $243.4 million in the same period in the prior year.
Premiums earned increased by $9.2 million, or 14%, to $76.7 million for the three months ended September 30, 2016, from $67.5 million for the three months ended September 30, 2015. For the nine months ended September 30, 2016 premiums earned increased by $36.6 million, or 19%, to $234.0 million from $197.4 million for the nine months ended September 30, 2015. This improvement was primarily due to higher average premiums resulting from our recent rate increases.
Commission and fee income increased by $0.3 million, or 1%, to $19.3 million for the three months ended September 30, 2016, from $19.0 million for the three months ended September 30, 2015. For the nine months ended September 30, 2016, commission and fee income increased by $15.8 million, or 37%, to $58.1 million from $42.3 million for the nine months ended September 30, 2015, primarily as a result of revenue from the former Titan retail locations acquired on July 1, 2015. Commission and fee income also increased as a result of higher fee income related to commissionable ancillary products sold through our previously-existing retail locations.
Expense Ratio. The expense ratio was 13.8% for the three months ended September 30, 2016, compared with 16.3% for the three months ended September 30, 2015. The expense ratio was 14.3% for the nine months ended September 30, 2016, compared with 18.9% for the nine months ended September 30, 2015. The year-over-year decrease in the expense ratio was primarily due to the increase in premiums earned which resulted in a lower percentage of fixed expenses in our retail operations (such as rent and base salary) and our ongoing efforts on cost containment.
Combined Ratio. increased to 106.4% for the three months ended September 30, 2016 from 101.3% for the three months ended September 30, 2015. For the nine months ended September 30, 2016, the combined ratio increased to 119.1% from 100.1% for the nine months ended September 30, 2015.
Next Release of Financial Results
We currently plan to report our financial results for the three months and year ending December 31, 2016 on March 14, 2017.
About First Acceptance Corporation
We are principally a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. Our insurance operations generate revenues from selling non-standard personal automobile insurance policies and related products in 17 states. We conduct our servicing and underwriting operations in 14 states and are licensed as an insurer in 12 additional states. Non-standard personal automobile insurance is made available to individuals because of their inability or unwillingness to obtain standard insurance coverage due to various factors, including payment history, payment preference, failure in the past to maintain continuous insurance coverage or driving record and/or vehicle type.
At September 30, 2016, we leased and operated 369 retail locations and a call center staffed with employee-agents. Our employee-agents primarily sell non-standard personal automobile insurance products underwritten by us, as well as certain commissionable ancillary products. In most states, our employee-agents also sell a complementary insurance product providing personal property and liability coverage for renters underwritten by us. In addition, retail locations in some markets offer non-standard personal automobile insurance serviced and underwritten by other third-party insurance carriers for which we receive a commission. In addition to our retail locations, we are able to complete the entire sales process over the phone via our call center or through the internet via our consumer-based website or mobile platform. On a limited basis, we also sell our products through selected retail locations operated by independent agents. Additional information about First Acceptance Corporation can be found online at www.acceptance.com.
https://globenewswire.com/news-release/2016/11/10/889052/0/en/First-Acceptance-Corporation-Reports-Operating-Results-for-the-Three-and-Nine-Months-Ended-September-30-2016.html
First Acceptance CEO out (10/21/16)
Director, ex-KPMG exec steps in
Joe Borbely, the president and CEO of auto insurer First Acceptance, has stepped down, effective immediately.
In a regulatory filing, company officials gave no reason for Borbely's resignation, which comes a little more than two years after he took over the CEO job from Mark Kelly. Before that, he had been president of the Green Hills-based insurer for two years and its senior vice president of sales and marketing for one year. He joined the company after serving as president of payday loan provider EZMoney and as executive VP of similar venture Allied Cash Holdings, as well as working in specialty retail.
Taking over the helm on an interim basis at First Acceptance, which sells to higher-risk drivers through more than 400 stores in 17 states, is Ken Russell (pictured), a director of the company since May 2014. Russell, 68, stepped down this month as CEO of $3.6 billion Mechanics Bank in California's Bay Area region after its merger with California Republic Bancorp. He also is a principal of Ford Financial Fund II, an investment firm run by Gerald Ford, First Acceptance's largest shareholder.
Russell spent the majority of his career with KPMG focused on financial services. He worked 20 years at the firm's Dallas office, led its financial services advisory unit in New York and spent much of the 2000s in Germany as the global lead partner in the firm’s relationship with Deutsche Bank and as a member of its managing board there.
Borbely's sudden departure at First Acceptance comes after shares of the company (Ticker: FAC) have fallen about 60 percent year to date, shrinking its market capitalization to about $40 million, less than a tenth of its annual sales. The New York Stock Exchange last week told the leaders of First Acceptance they need to get their stock price consistently back above $1.
http://www.nashvillepost.com/business/area-stocks/article/20837827/first-acceptance-ceo-out
First Acceptance Welcomes Ray Albertini as Senior Vice President of Claims Operations (9/07/16)
First Acceptance Corporation (NYSE:FAC) announces the addition of Ray Albertini as the Company’s Senior Vice President of Claims Operations. In this position, Ray will oversee all aspects of the Company’s claims-handling function and report directly to Joe Borbely, FAC’s President and CEO.
Prior to joining FAC, Ray served as the Vice President of Claims for both the Eastern and Western regions and Commercial Auto at Nationwide. Ray’s experience also includes special investigations and anti-fraud strategic leadership at both Nationwide and Progressive where he held various roles of increasing responsibility within its claims operations.
Joe Borbely commented, “Ray brings over 25 years of innovative experience to our Company. His broad and in-depth knowledge of claims-handling will serve as the foundation for strengthening our organization and its processes.”
Ray added, “I am delighted to be joining the Acceptance team, relocating to Nashville and becoming a part of this exciting and dynamic organization.”
About First Acceptance Corporation
We are principally a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. Our insurance operations generate revenues from selling non-standard personal automobile insurance policies and related products in 17 states. We conduct our servicing and underwriting operations in 14 states and are licensed as an insurer in 12 additional states. Non-standard personal automobile insurance is made available to individuals because of their inability or unwillingness to obtain standard insurance coverage due to various factors, including payment history, payment preference, failure in the past to maintain continuous insurance coverage or driving record and/or vehicle type.
At June 30, 2016, we leased and operated 410 retail locations and a call center staffed with employee-agents. Our employee-agents primarily sell non-standard personal automobile insurance products underwritten by us, as well as certain commissionable ancillary products. In most states, our employee-agents also sell a complementary insurance product providing personal property and liability coverage for renters underwritten by us. In addition, retail locations in some markets offer non-standard personal automobile insurance serviced and underwritten by other third-party insurance carriers for which we receive a commission. In addition to our retail locations, we are able to complete the entire sales process over the phone via our call center or through the internet via our consumer-based website or mobile platform. On a limited basis, we also sell our products through selected retail locations operated by independent agents. Additional information about First Acceptance Corporation can be found online at www.acceptance.com.
Bot 2000 fax today. Thanks to the idiot that sold to me
First Acceptance Corporation Reports Operating Results for the Three and Nine Month Periods Ended September 30, 2015 (11/10/15)
NASHVILLE, Tenn., Nov. 10, 2015 (GLOBE NEWSWIRE) -- First Acceptance Corporation (NYSE:FAC) today reported its financial results for the three and nine month periods ended September 30, 2015.
Operating Results
Revenues for the three months ended September 30, 2015 increased 34% to $87.6 million from $65.6 million in the same period in the prior year. Revenues for the nine months ended September 30, 2015 increased 25% to $243.4 million from $195.3 million in the same period in the prior year.
Loss before income taxes for the three months ended September 30, 2015 was $4.5 million, compared with income before income taxes of $2.4 million for the three months ended September 30, 2014. Net loss for the three months ended September 30, 2015 was $3.0 million, compared with net income of $2.1 million for the three months ended September 30, 2014. Basic and diluted net loss per share were $0.07 for the three months ended September 30, 2015, compared with basic and diluted net income per share of $0.05 for the same period in the prior year.
Excluding litigation settlement costs of $3.4 million and acquisition and integration costs (see “Titan Acquisition”) of $0.7 million, for the three months ended September 30, 2015, loss before income taxes was $0.4 million or $0.01 per basic and diluted share.
Loss before income taxes for nine months ended September 30, 2015 was $3.0 million, compared with income before income taxes of $6.6 million for the nine months ended September 30, 2014. Net loss for the nine months ended September 30, 2015 was $2.2 million, compared with net income of $6.1 million for the nine months ended September 30, 2014. Basic and diluted net loss per share were $0.05 for the nine months ended September 30, 2015, compared with basic and diluted net income per share of $0.15 for the same period in the prior year.
Excluding litigation settlement costs of $3.6 million and Titan acquisition and integration costs of $1.0 million, for the nine months ended September 30, 2015, income before income taxes was $1.6 million or $0.04 per basic and diluted share.
Joe Borbely, President and CEO, commented, “During the quarter, our sustained revenue growth and positive results from the newly-acquired Titan operations were unfortunately overshadowed by elevated claims frequency, adverse loss development and a litigation settlement. However, this potentially-lengthy litigation is now behind us and 83 former Titan stores are integrating successfully. I also believe that our loss ratio will soon begin to fully reflect the impact of our recent rate actions which will complement our 18.9% expense ratio.”
Premiums, Commissions and Fee Income. Premiums earned increased by $13.1 million, or 24%, to $67.5 million for the three months ended September 30, 2015, from $54.4 million for the three months ended September 30, 2014. For the nine months ended September 30, 2015 premiums earned increased by $35.4 million, or 22%, to $197.4 million from $162.0 million for the nine months ended September 30, 2014. This improvement was primarily due to an increase in the average policy life which resulted in an increase in PIF from 161,330 at September 30, 2014 to 184,524 at September 30, 2015, in addition to higher average premiums.
Commission and fee income increased by $8.9 million, or 88%, to $19.0 million for the three months ended September 30, 2015, from $10.1 million for the three months ended September 30, 2014. For the nine months ended September 30, 2015, commission and fee income increased by $13.0 million, or 44%, to $42.3 million from $29.3 million for the nine months ended September 30, 2014. Revenue from the former Titan retail locations acquired on July 1, 2015 accounted for $6.9 million of these increases. The remaining increase in commission and fee income was a result of higher fee income related to commissionable ancillary products sold through our previously-existing retail locations and the increase in PIF noted above.
Loss Ratio. The loss ratio was 85.0% for the three months ended September 30, 2015, compared with 76.2% for the three months ended September 30, 2014. The loss ratio was 81.2% for the nine months ended September 30, 2015, compared with 73.7% for the nine months ended September 30, 2014. We experienced unfavorable development related to prior periods of $2.2 million for the three months ended September 30, 2015, compared with favorable development of $0.4 million for the three months ended September 30, 2014. For the nine months ended September 30, 2015, we experienced unfavorable development related to prior periods of $0.6 million, compared with favorable development of $4.5 million for the nine months ended September 30, 2014. The unfavorable development for the three and nine months ended September 30, 2015 was largely the result of an increase in bodily injury loss adjustment expenses (primarily outside legal costs) driven by the overall increase in claim frequency.
Excluding the development related to prior periods for the three months ended September 30, 2015 and 2014, the loss ratios were 81.8% and 77.0%, respectively. Excluding the development related to prior periods for the nine months ended September 30, 2015 and 2014, the loss ratios were 80.9% and 76.4%, respectively. The year-over-year increase in the loss ratio was primarily due to higher than expected claim frequency and severity across multiple coverages principally in property damage liability and collision claims. We believe that an increase in the number of miles driven by insured drivers as a result of lower gas prices and a favorable economy has been a contributing factor to an industry-wide increase in frequency. In response, we have continued to implement aggressive rate and underwriting actions as warranted at a state and coverage level.
Expense Ratio. The expense ratio was 16.3% for the three months ended September 30, 2015, compared with 20.2% for the three months ended September 30, 2014. The expense ratio was 18.9% for the nine months ended September 30, 2015, compared with 23.4% for the nine months ended September 30, 2014. The year-over-year decrease in the expense ratio was primarily due to the increase in premiums earned which resulted in a lower percentage of fixed expenses in our retail operations (such as rent and base salaries).
Combined Ratio. The combined ratio increased to 101.3% for the three months ended September 30, 2015 from 96.4% for the three months ended September 30, 2014. For the nine months ended September 30, 2015, the combined ratio increased to 100.1% from 97.1% for the nine months ended September 30, 2014.
Titan Acquisition
Effective July 1, 2015, we acquired certain assets of Titan Insurance Services, Inc. and Titan Auto Insurance of New Mexico, Inc. (the “Titan Agencies”). These agencies sell private passenger non-standard automobile insurance through 83 retail stores, principally in California (48), but also in Texas (12), Arizona (10), Florida (4), Nevada (4) and New Mexico (5). Approximately 240 employees accepted offers of employment with us as a part of this acquisition. The Titan Agencies were previously owned and operated by Nationwide. The stores are in the process of being rebranded under our Acceptance Insurance name and completion is expected by the end of this year.
These new Acceptance stores have continued to write policies for both Nationwide and other unrelated insurance companies. Going forward, we plan to develop our own products for California, Arizona, Nevada and New Mexico, and introduce our current Texas and Florida products into stores in those states. One of our insurance companies has applied for an insurance company license in California and is already licensed in the three other states where it does not currently write business.
We anticipate introducing our own products in the states in which we currently have an insurance company license in early 2016. However, a California product is not expected to be available until later in 2016, subject to the approval of our California insurance company license application by the California Department of Insurance. Therefore, it is anticipated that for the remainder of the year, the Titan acquisition will operate primarily as an insurance agency operation for which our revenues will be in the form of commission and fee income.
Revenues and income before income taxes of the acquired retail locations included in our results for the three months ended September 30, 2015 were $6.9 million and $0.4 million (excluding acquisition and integration-related costs), respectively.
Next Release of Financial Results
We currently plan to report our financial results for the three months and year ending December 31, 2015 on March 15, 2016.
About First Acceptance Corporation
We are principally a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. Our insurance operations generate revenues from selling non-standard personal automobile insurance policies and related products in 17 states. We conduct our servicing and underwriting operations in 13 states and are licensed as an insurer in 12 additional states. Non-standard personal automobile insurance is made available to individuals because of their inability or unwillingness to obtain standard insurance coverage due to various factors, including payment history, payment preference, failure in the past to maintain continuous insurance coverage or driving record and/or vehicle type. In most instances, these individuals are seeking to obtain the minimum amount of automobile insurance required by law.
At November 10, 2015, we leased and operated 438 retail locations and a call center staffed with employee-agents. Our employee-agents primarily sell non-standard personal automobile insurance products underwritten by us, as well as certain commissionable ancillary products. In most states, our employee-agents also sell a complementary insurance product providing personal property and liability coverage for renters underwritten by us. In addition, retail locations in some markets offer non-standard personal automobile insurance serviced and underwritten by other third-party insurance carriers for which we receive a commission. In addition to our retail locations, we are able to complete the entire sales process over the phone via our call center or through the internet via our consumer-based website or mobile platform. On a limited basis, we also sell our products through selected retail locations operated by independent agents. Additional information about First Acceptance Corporation can be found online at www.acceptance.com.
http://globenewswire.com/news-release/2015/11/10/785895/0/en/First-Acceptance-Corporation-Reports-Operating-Results-for-the-Three-and-Nine-Month-Periods-Ended-September-30-2015.html
$FAC curious to see what earnings well look like with
titan included..http://finance.yahoo.com/q?s=fac #smallcap
Term loan provided by Diamond Family Investments LP has a 8 percent rate.
First Acceptance Closes Acquisition and Announces Financing of Titan Non-Standard Automobile Insurance Agencies (7/01/15)
NASHVILLE, TN, July 1, 2015 -- First Acceptance Corporation (NYSE:FAC), d/b/a Acceptance Insurance, a leader in the non-standard automobile insurance industry, announced today that it has completed its acquisition of certain assets of Titan Insurance Services, Inc. and Titan Auto Insurance of New Mexico, Inc. (the "Titan Agencies") that it previously announced on April 27, 2015. The Titan Agencies were previously owned and operated by Nationwide.
Through these agencies, First Acceptance will sell private passenger non-standard automobile insurance principally in California, but also in Texas, Arizona, Florida, Nevada and New Mexico. First Acceptance plans to rebrand the stores under its Acceptance Insurance name. These new Acceptance stores will initially continue to write policies for both Nationwide and other unrelated insurance companies. Going forward, First Acceptance plans to introduce its own new products to the California, Arizona, Nevada and New Mexico stores and its current Texas and Florida products to the stores in those states. First Acceptance is in the process of obtaining an insurance company license in California and is already licensed in the three other states where it does not currently write business.
Under the terms of the transaction, First Acceptance paid a total of $34.5 million in cash for the assets of 83 retail stores.
The acquisition was partially financed through new senior debt in the form of a $30.0M unsecured term loan with Diamond Family Investments LP, an entity controlled by Gerald J. Ford, First Acceptance's principal stockholder.
Wachtell, Lipton, Rosen & Katz served as legal counsel to First Acceptance. Sandler O'Neil & Partners, L.P. rendered a fairness opinion to the First Acceptance Board of Directors in connection with the financing.
About First Acceptance Corporation
First Acceptance Corporation is a provider of non-standard personal automobile insurance and other related products. Headquartered in Nashville, TN, First Acceptance Corporation markets its services through the Acceptance Insurance, Yale Insurance, and Insurance Plus brands. The Company operates over 350 retail locations in 13 states staffed with employee-agents. In addition to our retail locations, customers are also able to complete the entire sales process over the phone via our call center or through either our consumer-based website or mobile platform. For more information, visit acceptanceinsurance.com.
http://www.nasdaq.com/press-release/first-acceptance-closes-acquisition-and-announces-financing-of-titan-nonstandard-automobile-20150701-00591#ixzz3ef9M46ox
$FAC recent news/filings
bullish
## source: finance.yahoo.com
Fri, 22 May 2015 17:04:14 GMT ~ FIRST ACCEPTANCE CORP /DE/ Financials
read full: http://finance.yahoo.com/q/is?s=fac
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Mon, 18 May 2015 20:47:35 GMT ~ First Acceptance Corporation Announces Opening of New Memphis Retail Store
[at noodls] - NASHVILLE, TN, May 18, 2015 - First Acceptance Corporation (NYSE: FAC), d/b/a Acceptance Insurance, a leader in the non-standard automobile insurance industry, announced today that it has opened its fourth ...
read full: http://www.noodls.com/view/9035F0E71BBEBB87BD50ABB2D9FC1C13AEE1B7FA
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Mon, 18 May 2015 20:06:02 GMT ~ First Acceptance Corporation Announces Opening of New Memphis Retail Store
[Thomson Reuters ONE] - First Acceptance Corporation Announces Opening of New Memphis Retail Store NASHVILLE, TN, May 18, 2015 - First Acceptance Corporation (NYSE: FAC), d/b/a Acceptance Insurance, a leader in the non-standard ...
read full: http://finance.yahoo.com/news/first-acceptance-corporation-announces-opening-200602747.html
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Fri, 15 May 2015 00:11:55 GMT ~ 10-Q for First Acceptance Corp.
read full: http://www.companyspotlight.com/routers/headline/21827/10004/6523619?cp_code=YAH1&1431648715
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Thu, 14 May 2015 20:06:28 GMT ~ FIRST ACCEPTANCE CORP /DE/ Files SEC form 8-K, Submission of Matters to a Vote of Security Holders
read full: http://biz.yahoo.com/e/150514/fac8-k.html
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$FAC charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$FAC company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/FAC/company-info
Ticker: $FAC
OTC Market Place: Not Available
CIK code: 0001017907
Company name: First Acceptance Corp.
Incorporated In: DE, USA
$FAC share structure
## source: otcmarkets.com
Market Value: $132,071,285 a/o Jun 02, 2015
Shares Outstanding: 41,015,927 a/o Mar 09, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01
$FAC extra dd links
Company name: First Acceptance Corp.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/FAC/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/FAC/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=FAC+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=FAC+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=FAC+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/FAC/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/FAC/news - http://finance.yahoo.com/q/h?s=FAC+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/FAC/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/FAC/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/FAC/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/FAC/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/FAC/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/FAC/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/FAC/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/FAC/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=FAC+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/FAC
DTCC (dtcc.com): http://search2.dtcc.com/?q=First+Acceptance+Corp.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=First+Acceptance+Corp.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=First+Acceptance+Corp.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/FAC/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/FAC
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/FAC/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/FAC/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/FAC/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001017907&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/FAC/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/FAC/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/FAC/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/FAC/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=FAC&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=FAC
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/FAC/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=FAC+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=FAC+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=FAC
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=FAC
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=FAC+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/FAC/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=FAC+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/FAC.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=FAC
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/FAC/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/FAC/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/FAC/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/FAC/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/FAC
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/FAC
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/FAC:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=FAC
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=FAC
$FAC DD Notes ~ http://www.ddnotesmaker.com/FAC
First Acceptance to Acquire Titan Non-Standard Automobile Insurance Agencies (4/27/15)
NASHVILLE, TN, April 27, 2015 -- First Acceptance Corporation (NYSE:FAC), d/b/a Acceptance Insurance, a leader in the non-standard automobile insurance industry, announced today that it has entered into an agreement to acquire certain assets of Titan Insurance Services, Inc. and Titan Auto Insurance of New Mexico, Inc. (the "Titan Agencies"). These agencies sell private passenger non-standard automobile insurance principally in California, but also in Texas, Arizona, Florida, Nevada and New Mexico. The Titan Agencies are owned and operated by Nationwide. Through these Titan-branded stores, the Titan Agencies sell policies through both Nationwide and other unrelated insurance companies.
Under the terms of the transaction, First Acceptance will pay a total of $34.5 million in cash for the assets of 83 retail stores. The transaction is expected to close effective July 1, 2015, and is subject to customary closing conditions. The Company is currently in negotiations to partially finance the acquisition.
First Acceptance plans to rebrand the stores under its Acceptance Insurance name. These new Acceptance stores will initially continue to write policies for both Nationwide and other unrelated insurance companies. Going forward, First Acceptance plans to develop its own products in California, Arizona, Nevada and New Mexico, and introduce its current Texas and Florida products into these stores. First Acceptance is currently in process of obtaining an insurance company license in California and is already licensed in the three other states where it does not currently write business.
The Company's President and Chief Executive Officer, Joe Borbely stated, "This is a pivotal opportunity for Acceptance that will help us further our goal of expanding our geographic reach. California is the nation's largest market for private passenger non-standard automobile, and we look forward to launching our brand there as well as these other western states. The Titan Agencies are extremely well run, and Acceptance will be retaining all current Titan associates. We are excited to partner with such a terrific team".
Wachtell, Lipton, Rosen & Katz is serving as legal counsel to First Acceptance.
About First Acceptance Corporation
First Acceptance Corporation is a provider of non-standard personal automobile insurance and other related products. Headquartered in Nashville, TN, First Acceptance Corporation markets its services through the Acceptance Insurance, Yale Insurance, and Insurance Plus brands. The Company operates over 350 retail locations in 13 states staffed with employee-agents. In addition to our retail locations, customers are also able to complete the entire sales process over the phone via our call center or through either our consumer-based website or mobile platform. For more information, visit acceptanceinsurance.com.
http://www.nasdaq.com/press-release/first-acceptance-to-acquire-titan-nonstandard-automobile-insurance-agencies-20150427-01086