First Acceptance Corporation (QX) (FACO) Noticias

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

Symbol is now FACO.

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

Hey! Lots of banks are doing well now. This one goes higher imo.

ARE YOU STILL WATCHING !!!!!!!!!!!!

First Acceptance Corporation Reports Operating Results for the Quarter and Year Ended December 31, 2013 (3/04/14)

NASHVILLE, TN, March 4, 2014 -- First Acceptance Corporation (NYSE:FAC) today reported its financial results for the quarter and year ended December 31, 2013.

Operating Results

Revenues for the three months ended December 31, 2013 were $59.2 million, compared with $55.1 million for the three months ended December 31, 2012. Income before income taxes for the three months ended December 31, 2013 was $3.4 million, compared with income before income taxes of $0.2 million for the three months ended December 31, 2012. Income before income taxes for the three months ended December 31, 2013 included favorable development of $2.6 million for losses occurring in prior accident quarters, while the income before income taxes for the three months ended December 31, 2012 included a favorable development of $1.8 million. Net income for the three months ended December 31, 2013 was $3.2 million, or $0.07 per share on a diluted basis, compared with net income of $0.1 million, or $0.00 per share on a diluted basis, for the three months ended December 31, 2012.

Revenues for the year ended December 31, 2013 were $240.5 million, compared with $228.1 million for the year ended December 31, 2012. Income before income taxes for the year ended December 31, 2013 was $9.8 million, compared with loss before income taxes of $9.0 million for the year ended December 31, 2012. Income before income taxes for the year ended December 31, 2013 included favorable development of $3.0 million for losses occurring in prior fiscal years, while the loss before income taxes for the year ended December 31, 2012 included the recognition of a net realized gain on investments of $3.2 million, or $0.08 per share on a diluted basis, and unfavorable development of $4.0 million for losses occurring in prior fiscal years. Net income for the year ended December 31, 2013 was $9.2 million, or $0.22 per share on a diluted basis, compared with net loss of $9.0 million, or $0.22 per share on a diluted basis, for the year ended December 31, 2012.

Premiums earned for the three months ended December 31, 2013 were $48.7 million, compared with $46.1 million for the three months ended December 31, 2012. Premiums earned for the year ended December 31, 2013 were $199.7 million, compared with $185.6 million for the year ended December 31, 2012. This improvement was primarily due to our recent pricing actions.

Loss Ratio. The loss ratio was 70.0 percent for the three months ended December 31, 2013, compared with 73.4 percent for the three months ended December 31, 2012. The loss ratio was 71.5 percent for the year ended December 31, 2013, compared with 79.8 percent for the year ended December 31, 2012.

We experienced favorable development related to prior accident quarters of $2.6 million for the three months ended December 31, 2013, compared with favorable development of $1.8 million for the three months ended December 31, 2012. We experienced favorable development related to prior fiscal years of $3.0 million for the year ended December 31, 2013, compared with unfavorable development of $4.0 million for the year ended December 31, 2012.

The favorable loss development for the year ending December 31, 2013 was primarily related to bodily injury claims occurring in accident years 2010 through 2012, partially offset by unfavorable loss and loss adjustment expense development on Florida personal injury protection claims. The unfavorable development for the year ended December 31, 2012 was primarily due to higher than expected severity with Florida personal injury protection claims and with Georgia bodily injury claims in older accident periods, and unfavorable loss adjustment expense development that was primarily related to higher than expected legal expenses for bodily injury claims for accident years 2010 and prior.

Excluding the development related to prior fiscal years, the loss ratios for the years ended December 31, 2013 and 2012 were 73.0 percent and 77.7 percent, respectively. The year-over-year decrease in the loss ratio was primarily due to the impact of pricing actions taken throughout 2012.

Expense Ratio. The expense ratio was 24.0 percent for the three months ended December 31, 2013, compared with 26.4 percent for the three months ended December 31, 2012. The expense ratio was 23.9 percent for the year ended December 31, 2013, compared with 26.7 percent for the year ended December 31, 2012. 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).

Combined Ratio. The combined ratio was 94.0 percent for the three months ended December 31, 2013, compared with 99.8 percent for the three months ended December 31, 2012. The combined ratio was 95.4 percent for the year ended December 31, 2013, compared with 106.5 percent for year ended December 31, 2012.

About First Acceptance Corporation

We are principally a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. We currently write non-standard personal automobile insurance in 12 states and are licensed as an insurer in 13 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, driving record and/or vehicle type, and in most instances who are required by law to buy a minimum amount of automobile insurance. At March 4, 2014, we leased and operated 356 retail locations, 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, during the year ended December 31, 2013, select retail locations in highly competitive markets in Illinois and Texas began offering non-standard personal automobile insurance serviced and underwritten by other third-party insurance carriers. 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 recently-launched mobile platform. We also sell our products through 10 retail locations operated by independent agents. Additional information about First Acceptance Corporation can be found online at acceptanceinsurance.com.

http://www.nasdaq.com/press-release/first-acceptance-corporation-reports-operating-results-for-the-quarter-and-year-ended-december-31-20140304-01224

Acceptance Insurance Announces Groundbreaking New Mobile Platform (9/04/13)

NASHVILLE, TN, September 4, 2013 -- First Acceptance Corporation (FAC), d/b/a Acceptance Insurance, a leader in the non-standard auto insurance industry, today unveiled a mobile platform that puts the full range of the Company`s services into the broad spectrum of handheld devices, including mobile phones and tablets.

The Company`s President, Joe Borbely stated, "We recognized that many of our customers perform most of their financial transactions on a mobile device, and committed ourselves to delivering a full-service mobile experience. This in turn gives Acceptance Insurance a unique advantage as one of the few insurance carriers to have fully implemented this technology".

Prospective customers in Alabama, Florida, Georgia, Illinois, Indiana, Mississippi, Missouri, Ohio, Pennsylvania, South Carolina, Tennessee and Texas can receive an auto insurance quote on their mobile device, and then purchase that policy on their mobile device in minutes. In addition to the quote and policy services for new customers, existing customers now have mobile access to their accounts where they can make payments and manage their account.

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 12 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 recently-launched mobile platform. For more information, visit acceptanceinsurance.com.

SOURCE: First Acceptance Corporation

INVESTOR RELATIONS CONTACT:
Michael J. Bodayle
615.844.2885

Patience is key. FAC. Locked and loaded.

FAC Looking strong. Price target $3.60 next 60 days. imo. Loaded!

FAC only down .06 after that massive sell off yesterday. Still holding strong and building up momentum. Good entry opportunity here, buy dips :)

FAC on a hiring spree!! http://www.acceptanceinsurance.com/careers.aspx

The big boys are buying FAC up!

Jun 13, 2013 FORD JEREMY B
Director
4,736 Direct Purchase at $1.31 per share. 6,204
Jun 11, 2013 KELLY MARK A
Officer
15,000 Direct Purchase at $1.20 per share. 18,000
Jun 11, 2013 FORD JEREMY B
Director
100,000 Direct Purchase at $1.20 per share. 120,000

Insiders loading the boat on FAC holding tight :)

This stock looks good

FAC Reports Operating Results for the Quarter and Year Ended December 31, 2012 (2/26/13)

(Thomson Reuters ONE via COMTEX) -- NASHVILLE, TN, February 26, 2013 -- First Acceptance Corporation today reported its financial results for the quarter and year ended December 31, 2012.

Operating Results

Revenues for the three months ended December 31, 2012 were $55.1 million, compared with $49.1 million for the three months ended December 31, 2011. Income before income taxes for the three months ended December 31, 2012 was $0.2 million, compared with loss before income taxes of $25.7 million for the three months ended December 31, 2011. Income before income taxes for the three months ended December 31, 2012 included favorable development of $1.8 million for losses occurring in prior fiscal years, while the loss before income taxes for the three months ended December 31, 2011 included a goodwill impairment charge of $21.1 million, or $0.45 per share on a diluted basis, and unfavorable development of $4.6 million for losses occurring in prior periods. Net income for the three months ended December 31, 2012 was $0.1 million, or $0.00 per share on a diluted basis, compared with net loss of $25.8 million, or $0.55 per share on a diluted basis, for the three months ended December 31, 2011.

Revenues for the year ended December 31, 2012 were $228.1 million, compared with $205.0 million for the year ended December 31, 2011. Loss before income taxes for the year ended December 31, 2012 was $9.0 million, compared with loss before income taxes of $84.4 million for the year ended December 31, 2011. The loss before income taxes for the year ended December 31, 2012 included the recognition of a net realized gain on investments of $3.2 million, or $0.08 per share on a diluted basis, and unfavorable development of $4.0 million for losses occurring in prior fiscal years, while the loss before income taxes for the same period in the prior year included goodwill and intangible assets impairment charges of $73.5 million, or $0.99 per share on a diluted basis, unfavorable development of $3.1 million for losses occurring in prior fiscal years, charges of $1.7 million incurred in connection with the separation of certain executive officers during March 2011 (comprised of $1.3 million in accrued severance and benefits and a $0.4 million non-cash charge related to the vesting of certain stock awards) and $0.4 million of other-than-temporary impairment charges on investments. Net loss for the year ended December 31, 2012 was $9.0 million, or $0.22 per share on a diluted basis, compared with net loss of $84.5 million, or $1.76 per share on a diluted basis, for year ended December 31, 2011.

Premiums earned for the three months ended December 31, 2012 were $46.1 million, compared with $40.1 million for the three months ended December 31, 2011. Premiums earned for the year ended December 31, 2012 were $185.6 million, compared with $167.2 million for the year ended December 31, 2011. This improvement was primarily due to an increase in the number of policies in force ("PIF") from 141,862 at December 31, 2011 to 145,938 at December 31, 2012, which we attribute to the continued sales, marketing, customer interactions and product initiatives. Such factors led to a higher close ratio resulting in an increase in new policies sold on a year-over-year basis.

Loss and Loss Adjustment Expense Ratio. The loss and loss adjustment expense ratio was 73.4 percent for the three months ended December 31, 2012, compared with 81.0 percent for the three months ended December 31, 2011. The loss and loss adjustment expense ratio was 79.8 percent for the year ended December 31, 2012, compared with 77.5 percent for the year ended December 31, 2011. We experienced favorable development of $1.8 million related to the three months ended December 31, 2012, compared with unfavorable development of $4.6 million for the three months ended December 31, 2011. We experienced unfavorable development related to prior fiscal years of $4.0 million for the year ended December 31, 2012, compared with unfavorable development of $3.1 million for the year ended December 31, 2011. The unfavorable development for the year ended December 31, 2012 was primarily related to the strengthening of loss and loss adjustment expense reserves. Loss development was primarily related to higher than expected severity for Florida personal injury protection claims and for Georgia bodily injury claims in older accident years. Loss adjustment expense development was primarily related to higher than expected legal expenses for bodily injury claims for accident years 2010 and prior. The unfavorable development for the year ended December 31, 2011 included amounts related to the settlement of claims for extra-contractual damages.

Excluding the development related to prior fiscal years, the loss and loss adjustment expense ratios for the years ended December 31, 2012 and 2011 were 77.7 percent and 75.6 percent, respectively. The year-over-year increase in the loss and loss adjustment expense ratio was primarily due to higher loss driven by an increase in frequency experienced during the second quarter of 2012 and higher expected severity for bodily injury claims.

In December 2011, we completed the process of implementing new scored pricing programs. We believe these new scored pricing programs provide us with greater pricing segmentation and improve our pricing relative to the risk we are insuring. Approximately 74 percent of our current PIF have been underwritten using these new scored pricing programs.

We perform state-by-state reviews of all insurance pricing programs on a quarterly basis and alter rates as we believe necessary. In response to the increases in our loss ratio during recent quarters, we implemented rate increases on most of our non-scored pricing programs during the first quarter and for our scored pricing programs in most states during the second and third quarters. The full benefit of these rate actions will not be fully realized until all customers renew their policies under the new rates, typically six months from the date of rate change implementation.

Expense Ratio. The expense ratio was 26.4 percent for the three months ended December 31, 2012, compared with 30.5 percent for the three months ended December 31, 2011. The expense ratio was 26.7 percent for the year ended December 31, 2012, compared with 29.4 percent for the year ended December 31, 2011. Excluding the severance and related benefits charges noted above, the expense ratio for the year ended December 31, 2011 was 28.6 percent.

Combined Ratio. The combined ratio was 99.8 percent for the three months ended December 31, 2012, compared with 111.5 percent for the three months ended December 31, 2012. The combined ratio was 106.5 percent for the year ended December 31, 2012, compared with 106.9 percent for year ended December 31, 2011. Excluding the severance and related benefits charges noted above, the combined ratio for the year ended December 31, 2011 was 106.1 percent.

About First Acceptance Corporation

We are a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. We currently write non-standard personal automobile insurance in 12 states and are licensed as an insurer in 13 additional states. Non-standard personal automobile insurance is made available to individuals who are categorized as "non-standard" 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, driving record and/or vehicle type, and in most instances who are required by law to buy a minimum amount of automobile insurance. At February 26, 2013, we leased and operated 368 retail locations, 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 and other insurance products. In select markets, we are testing the sale of automobile insurance underwritten by third party carriers. We are able to complete the entire sales process over the phone or through our consumer-based website. In addition to our retail, website and call center sales, we also sell our products through 13 retail locations operated by independent agents. Additional information about First Acceptance Corporation can be found online at acceptanceinsurance.com.

http://www.marketwatch.com/story/first-acceptance-corporation-reports-operating-results-for-the-quarter-and-year-ended-december-31-2012-2013-02-26?reflink=MW_news_stmp

FAC is a "question mark" in my mind.

Ford appears to admit the fact.

I posted it for these reasons.

“There are 7,000 banks out there, and a big number of them still have outstanding TARP preferred stock,” said Ford, who’s not related to either the late U.S. president or the auto clan. “Somewhere in there is another opportunity to recapitalize a bank. We’ve bought banks for 37 years. Except from 2002 to 2010, we never went three years without buying a bank.” There was alot of interesting reading in this article about Mr. Ford & Co but this stood out to me most. They aren't done buying troubled banks...which you knew/predicted they weren't...now we just have to figure out which ones might be on their shopping list ;)

It will have to be a large bank that still owes TARP.

FAC Reports Operating Results for the Three and Nine Month Periods Ended September 30, 2012 (11/06/12)

First Acceptance Corporation Reports Operating Results for the Three and Nine Month Periods Ended September 30, 2012

NASHVILLE, TN, November 6, 2012—First Acceptance Corporation (NYSE: FAC) today reported its financial results for the three and nine month periods ended September 30, 2012.

Operating Results

Revenues for the three months ended September 30, 2012 were $59.6 million, compared with $50.0 million for the same period in the prior year. Income before income taxes for the three months ended September 30, 2012 was $3.4 million, compared with loss before income taxes of $3.6 million for the same period in the prior year. Income before income taxes for the three months ended September 30, 2012 included the recognition of a net realized gain on investments of $3.2 million, or $0.08 per share on a diluted basis. Net income for the three months ended September 30, 2012 was $3.3 million, or $0.08 per share on a basic and diluted basis, compared with net loss of $3.7 million, or $0.08 per share on a basic and diluted basis, for the same period in the prior year.

Revenues for the nine months ended September 30, 2012 were $173.0 million, compared with $155.9 million for the same period in the prior year. Loss before income taxes for the nine months ended September 30, 2012 was $9.2 million, compared with loss before income taxes of $58.7 million for the same period in the prior year. The loss before income taxes for the nine months ended September 30, 2012 included the recognition of a net realized gain on investments of $3.2 million, or $0.08 per share on a diluted basis, while the loss before income taxes for the same period in the prior year included a goodwill and intangible assets impairment charge of $52.4 million, or $1.09 per share on a diluted basis. Net loss for the nine months ended September 30, 2012 was $9.1 million, or $0.22 per share on a basic and diluted basis, compared with net loss of $58.8 million, or $1.22 per share on a basic and diluted basis, for the same period in the prior year.

Premiums earned for the three months ended September 30, 2012 were $46.4 million, compared with $40.5 million for the same period in the prior year. Premiums earned for the nine months ended September 30, 2012 were $139.6 million, compared with $127.1 million for the same period in the prior year. This improvement was primarily due to an increase in the number of policies in force (“PIF”) from 140,930 at September 30, 2011 to 148,799 at September 30, 2012, which we attribute to our continued sales, marketing, customer interaction and product initiatives. In addition, we experienced increases in both new policies sold during the most recent quarter and nine-month period on a year-over-year basis and the number of PIF at September 30, 2012 compared to December 31, 2011. For those policies quoted, we continue to experience a higher close ratio for the quarter and nine-month period ended September 30, 2012 compared with the same periods in the prior year.

Loss and Loss Adjustment Expense Ratio. The loss and loss adjustment expense ratio was 77.1 percent for the three months ended September 30, 2012, compared with 82.1 percent for the three months ended September 30, 2011. The loss and loss adjustment expense ratio was 82.0 percent for the nine months ended September 30, 2012, compared with 76.4 percent for the nine months ended September 30, 2011. We experienced favorable development related to prior fiscal years of $0.1 million for the three months ended September 30, 2012, compared with unfavorable development of $1.1 million for the three months ended September 30, 2011. For the nine months ended September 30, 2012, we experienced unfavorable development related to prior fiscal years of $4.4 million, compared with favorable development of $1.7 million for the nine months ended September 30, 2011. The unfavorable development for the nine months ended September 30, 2012 was primarily due to adverse trends in bodily injury and Florida personal injury protection claims for recent accident years.

Excluding the development related to prior periods, the loss and loss adjustment expense ratios for the three months ended September 30, 2012 and 2011 were 77.4 percent and 79.5 percent, respectively. Excluding the development related to prior periods, the loss and loss adjustment expense ratios for the nine months ended September 30, 2012 and 2011 were 78.8 percent and 77.6 percent, respectively. The year-over-year increase in the loss and loss adjustment expense ratio was primarily due to higher loss and loss adjustment expense driven by an increase in frequency experienced during the second quarter of 2012.

In December 2011, we completed the process of implementing new scored pricing programs. We believe these new scored pricing programs provide us with greater pricing segmentation and improve our pricing relative to the risk we are insuring. Currently, approximately 70 percent of our PIF have been underwritten using these new scored pricing programs.

We perform state-by-state reviews of all insurance pricing programs on a quarterly basis and alter rates as we believe necessary. In response to the increases in our loss ratio during recent quarters, we implemented rate increases on most of our non-scored pricing programs during the first quarter and for our scored pricing programs in most states during the second and third quarters. The full benefit of these rate actions will not be fully realized until all customers renew their policies under the new rates, typically six months from the date of rate change implementation.

Expense Ratio. The expense ratio was 22.8 percent for the three months ended September 30, 2012, compared with 27.5 percent for the three months ended September 30, 2011. The expense ratio was 26.8 percent for the nine months ended September 30, 2012, compared with 29.0 percent for the nine months ended September 30, 2011. Excluding the severance and related benefits charges of $1.3 million incurred in connection with the separation of certain executive officers during March 2011, the expense ratio for the nine months ended September 30, 2011 was 28.0 percent, compared to 26.8 percent for the nine months ended September 30, 2012.

Combined Ratio. The combined ratio was 99.9 percent for the three months ended September 30, 2012, compared with 109.6 percent for the same period in the prior year. For the nine months ended September 30, 2012, the combined ratio increased to 108.8 percent from 105.4 percent for the same period in the prior year. Excluding the severance and related benefits charges noted above, the combined ratio for the nine months ended September 30, 2011 was 104.3 percent.

About First Acceptance Corporation

We are a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. We currently write non-standard personal automobile insurance in 12 states and are licensed as an insurer in 13 additional states. Non-standard personal automobile insurance is made available to individuals who are categorized as “non-standard” 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, driving record and/or vehicle type, and in most instances who are required by law to buy a minimum amount of automobile insurance. At September 30, 2012, we leased and operated 369 retail locations, 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 and other insurance products. We are able to complete the entire sales process at the local retail office, over the phone and through our website. In select markets, we also sell our products through 13 retail locations operated by independent agents. Additional information about First Acceptance Corporation can be found online at acceptanceinsurance.com.

Billionaire Gerald Ford's Dallas operation keeps profiting by buying and flipping banks (8/18/12)

Gerald J. Ford has something he wants to show off. He jumps into a golf cart and races toward one of the 11 barns on his lush, 1,000-acre Kentucky Thoroughbred farm. He speeds past tall sycamore trees, painted lawn jockeys and manicured fields of grass glistening from the morning dew.

Ford stables more than 100 horses here, including broodmares he breeds with his prized Pleasantly Perfect, winner of the $6 million Dubai World Cup in 2004.

“We’re going to see the babies,” said Ford, wearing a cap, khakis and hiking boots as he walks into the foaling barn.

Inside, Pleasantly Perfect’s latest offspring — a 120-pound chestnut foal born the night before — quivers next to its mother. “I love being out here,” said Ford, whose slight drawl reveals his roots in a rural town in the Texas Panhandle.

Ford, 68, will probably sell the foal, much as he did the banks and savings and loans that he flipped to make himself a billionaire. These days, he spends most of his time in Dallas at his primary operating company, Diamond A Ford Corp., which he named after the cattle brand from his New Mexico ranch.

Four years after the worst financial crisis in decades claimed Bear Stearns Cos. and Lehman Brothers Holdings Inc., Ford is nowhere near finished buying and consolidating healthy and distressed banks. While the largest U.S. firms repaid their bailouts to the $700 billion Troubled Asset Relief Program, more than 400 smaller ones are struggling to do so because they can’t raise new capital, according to an April report by Christy Romero, TARP’s special inspector general.

“There are 7,000 banks out there, and a big number of them still have outstanding TARP preferred stock,” said Ford, who’s not related to either the late U.S. president or the auto clan. “Somewhere in there is another opportunity to recapitalize a bank. We’ve bought banks for 37 years. Except from 2002 to 2010, we never went three years without buying a bank.”

Profitable ways

The buyout business has been hugely profitable for Ford. In March, he sold Pacific Capital Bancorp, parent of Santa Barbara Bank & Trust, to Japanese-controlled UnionBanCal Corp. for $1.5 billion, three times his initial investment of $500 million.

In August 2010, Ford took over Pacific Capital, which was made up of five separate banks with a combined $5.8 billion in assets. Pacific Capital hadn’t posted a profit since the beginning of 2008 because of soured residential construction loans. It owed $181 million to TARP.

In following their cost-cutting playbook, Ford’s team took out $177 million in expenses by merging the back-office operations of the five banks, firing 181 employees and closing five branches. It also wrote down $485 million in bad loans.

“When a bank gets in trouble, it’s just swimming against the current,” said Carl Webb, Ford’s second in command at Diamond A Ford. “We call them the walking wounded. That’s where we see the opportunity going forward.”

By sticking to this formula, Ford, the son of an auto body shop owner, has amassed about $1.3 billion, according to data compiled by Bloomberg. He has put his money into five properties: a home in University Park; a beachfront getaway in Southampton, N.Y.; an Upper East Side townhouse in Manhattan; the ranch in New Mexico; and the Kentucky horse farm.

Operating quietly

During the last decade, as private equity rock stars such as Henry Kravis and Stephen Schwarzman made megadeals for brand names, Ford avoided splashy buyouts. He has operated quietly, mostly in dusty backwaters such as Levelland, Texas, and Carrizozo, N.M.

Since 1975, he has snapped up almost 60 small firms, using his own money, capital from partners and a $500 million private equity fund.

Ford, a hands-on dealmaker, and Webb, 62, who manages operations, do these buyouts with the support of only 12 employees at their headquarters in Dallas. They have at times been backed by large federal subsidies, which has stirred protests from lawmakers.

“Carl is the stingiest son of a gun you would ever meet,” said Thomas Brown, whose New York-based Second Curve Capital LLC hedge fund has invested in Ford’s banking deals. “They operate a low-cost model.”

Southern Methodist University president R. Gerald Turner encountered Ford’s low-key style when he made a $20 million donation for a new football stadium. Turner says he had to persuade Ford, an SMU alum, to allow the school to name the 32,000-seat stadium after him.

“It took a while,” Turner said. “He’s a modest guy. I said, ‘Jerry, it has to have a name, and yours is by far the largest gift.’”

Ford endeavors to make money in almost everything he does. As much as he loves his foals in Kentucky, he auctions many of them for up to several hundred thousand dollars apiece.

Another of Ford’s favorite escapes is his 147,000-acre ranch, where he raises a herd of 3,500 cattle for market and also sells hunting trips. A three-day excursion for trophy elk goes for $9,000, and a mule deer hunt costs $3,300.

Ford also has a 188-foot yacht that he co-owned with billionaire Ronald Perelman before buying out his friend’s share. “He got the greatest bargain of all time from me,” Perelman said. When Ford isn’t yachting, he leases the boat for as much as $420,000 a week.

Seeking success

Ford says that working in an auto body shop as a teenager alongside his dad in Pampa spurred him to seek a better career. In high school, he carried around Ayn Rand’s libertarian tome Atlas Shrugged, about the pursuit of individual achievement.

“Her books talked about people being successful, and I identified with that,” Ford said. He earned an undergraduate economics degree at SMU and got his law degree from the school in 1969, because, he says, he saw that the prosperous people wearing ties in his small town were lawyers.

“Jerry always had an ambition to do something bigger and better than what he saw in his hometown,” SMU’s Turner said. “Dallas is full of people like that.”

After working as a general counsel for a group of closely held corporations, Ford decided he wanted to build his own company. At 31, with two partners and some borrowed money, he paid $1.2 million for 64 percent of First National Bank of Post in 1975.

“I wanted to run something, a business,” Ford said. “After we got it, one was good, two were better.”

Seven years later, Ford bought First National Bank in Lubbock and hired Webb to be president. The two men then went on a three-decade shopping spree. They have taken a conservative approach to buying troubled banks, scrutinizing customer loyalty and defaults to limit their risk.

They avoid firms that have lost more than 10 to 15 percent of deposits and shun buyouts if they expect defaults to rise to the point that they significantly eat into potential returns. “Banks get in trouble for one reason: They make bad loans,” Webb said.

By the mid-1980s, Ford and Webb had built up equity of $225 million on 23 small-town banks with a combined $4 billion in assets. They rolled them into First United Bank Group Inc. and sold it in 1994 to Norwest Corp. for stock valued at $495 million.

S&L deals

The S&L crisis in the late 1980s, brought on by the deregulation of the industry, provided Ford the opportunity to create one of his biggest and most controversial deals. Ford and Perelman took full advantage of a U.S. government rescue program that offered subsidies and tax breaks to entice investors to take over failing thrifts.

With Perelman’s financing, they paid $315 million in 1988 for five troubled S&Ls with combined assets of $11.4 billion. In exchange for taking on the risk of the renamed First Gibraltar Bank, the government provided them with up to $9.5 billion in guarantees to cover bad loans and up to $1.8 billion in tax benefits that Perelman was able to use to shelter profits in his other businesses, according to congressional estimates at the time.

Republican and Democratic congressmen protested that regulators were giving Ford and Perelman too generous a deal.

“I would almost be happier if there was a criminal conspiracy, but it appears that the government officials involved were just plain incompetent,” Matthew Rinaldo, the late New Jersey Republican representative, said before Congress in 1990.

Perelman, 69, said he and Ford were both shaken up by the criticism. “Here we thought we were doing exactly what the government wanted investors to do, and we raised our hand as the high bidder,” Perelman said. “All of a sudden, we found ourselves in a real strong negative backlash.”

After Webb merged back-office operations to make First Gibraltar profitable, Ford sold it piecemeal in 1992 to Bank of America Corp. and other buyers for a gain of $900 million.

Ford and Perelman struck again in the mid-1990s, this time scooping up S&Ls wounded by the bursting of California’s housing bubble. They paid $1.1 billion for First Nationwide Bank and then sold off everything except the S&L’s 45 California branches.

The bank spent $250 million in 1995 to acquire thrift SFFed Corp., which had $4.1 billion in assets, in San Francisco. Three years later, First Nationwide received the equivalent of $1.46 billion in stock of Golden State Bancorp Inc. of San Francisco for the bank.

Ford and Perelman assumed management of the combined company, which became the nation’s then-second-largest S&L. They flipped it to Citigroup Inc. in 2002 for $5.8 billion, giving Ford more than 20 million Citi shares valued at about $1 billion by the time he sold the stock.

Perelman says he and Ford had the perfect relationship. “Everything was always transparent, always straight with Jerry,” Perelman said. “He will always take advantage of opportunities and turn them into real value.”

Ford stumbled during the credit bubble in the mid-2000s, when a lack of reasonably priced deals scared him away from banks and into other industries. In 2004, a real estate firm he controlled paid $89.3 million in cash and stock for the since-renamed First Acceptance Corp., which operates a chain of 378 storefronts that sell nonstandard auto insurance.

The company has lost money on lower premiums for all but three years in which Ford has controlled it and bled $8.2 million in the first quarter of 2012. After hitting a high of $13.40 under Ford’s stewardship in 2006, the shares plunged almost 91 percent as of July 3.

“It is a lousy deal,” Ford said.

Ford returned to banking deals after the subprime crisis pushed the economy into a recession in late 2007. Since then, he has bought two banks. He agreed to spend almost $515 million in May for Dallas-based PlainsCapital Corp. after the bank canceled a public offering.

Ford is also raising $700 million for his second buyout fund after investing his entire first one in his 2010 purchase of Pacific Capital Bancorp.

Not slowing down

“There’s probably still a number of opportunities on the smaller side of things, talking sub-$500 million,” says Brad Milsaps, an Atlanta-based banking analyst and managing director with Sandler O’Neill & Partners LP.

Now approaching his eighth decade, Ford isn’t slowing down. He has four grown children from his first marriage and two more, ages 5 and 8, with his second wife. Two years ago, he made a move toward succession, installing his son Jeremy Ford as the head of Hilltop Holdings Inc., a small insurance and financial services company that he controls.

“Work is intellectual to him at this point,” Jeremy, 37, said during a visit to the Kentucky farm with his dad and extended family. “It’s so a part of who he is that I don’t think he’ll ever not want to do it.”

Seth Lubove,

Bloomberg News

http://www.dallasnews.com/business/headlines/20120818-billionaire-gerald-ford-s-dallas-operation-keeps-profiting-by-buying-and-flipping-banks.ece

A.M. Best Revises Outlook to Stable for First Acceptance Corporation and Its Subsidiaries (11/20/12)

OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has revised the outlook to stable from positive and affirmed the financial strength rating (FSR) of B (Fair) and issuer credit ratings (ICR) of “bb+” of the pooled subsidiary members (First Acceptance) of First Acceptance Corporation (Delaware) [NYSE: FAC]. Concurrently, A.M. Best has revised the outlook to stable from positive and affirmed the ICR of “b” of First Acceptance Corporation. (See below for a detailed listing of the companies.)

The ratings of First Acceptance are based upon unfavorable operating performance in recent years; concentration of risk in private passenger non-standard auto lines; and challenging economic conditions compounded by a below average interest rate environment. These negative factors are offset in part by strong risk-adjusted capitalization and sound balance sheet liquidity along with action being taken to improve earnings.

Losses in recent years have been negatively impacted by increased claims severity, storm losses and higher expenses, as well as declining revenue from premium writings, investment income and other income items. Premium volume and additional fees charged to policyholders were down due to scaling back production and the weakened economy. Investment income was lower from reductions in invested assets and low interest rates.

Capitalization remains more than supportive of the ratings but has weakened in recent years. First Acceptance Corporation contributed nearly $13.1 million of additional capital to the insurance operations in September 2012. This was to partially offset a reduction in surplus primarily due to operating losses in 2011 and 2012 as well as a dividend paid in 2011 to buy back shares. In addition, management has taken a number of actions to improve earnings, primarily by raising rates, closing under-performing retail stores and improving claims handling and underwriting. However, capitalization may continue to weaken as management executes an aggressive growth plan over the next couple of years. The ratings may be further stabilized by a return to a profitable operating trend that leads to capital appreciation; however, the ratings may be downgraded by further weakening in risk-adjusted capitalization.

The rating of First Acceptance Corporation is based on the consolidated financial strength of the insurance subsidiaries; its acceptable level of financial leverage from debt; its ability to fund the debt without having to take extraordinary dividends out of the insurance companies; and the subordination of the holding company’s creditors to the insurance companies’ policyholders.

The FSR of B (Fair) and ICR of “bb+” have been affirmed for the following pooled subsidiaries of First Acceptance Corporation:

•First Acceptance Insurance Company, Inc.

•First Acceptance Insurance Company of Georgia, Inc.

•First Acceptance Insurance Company of Tennessee, Inc.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Equity Credit for Hybrid Securities”; “Understanding BCAR for Property/Casualty Insurers”; and “Rating Members of Insurance Groups.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.


Contacts


A.M. Best Co.
Charles M. Huber, 908-439-2200, ext. 5122
Managing Senior Financial Analyst
charles.huber@ambest.com
or
Joseph Burtone, 908-439-2200, ext. 5125
Assistant Vice President – P/C Ratings
joseph.burtone@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

http://www.businesswire.com/news/home/20121120006056/en/A.M.-Revises-Outlook-Stable-Acceptance-Corporation-Subsidiaries

Liberte Investors changed it's name to First Acceptance Corp in early 2004 which coincided with the definitive merger agreement acquisition of USAuto Holdings, a Tennessee-based provider of non-standard consumer automobile insurance.

http://www.insurancejournal.com/news/southeast/2003/12/16/35028.htm

Hunter's Glen/Ford, Ltd. acquires 8,102,439 shares (8/16/96)

On 8/16/96, Hunter's Glen/Ford, Ltd. acquired 8,102,439 shares of common stock of Liberte Investors Inc. representing 40.0% of the 20,256,097 shares of common stock outstanding. Gerald J. Ford possesses sole power to vote and direct the disposition of all shares of common stock of Liberte Investors Inc. owned by Hunter's Glen/Ford, Ltd. in his capacity as general partner and sole shareholder and director of the corporate general partner, Ford Diamond Corporation.

http://sec.gov/Archives/edgar/data/1017907/0000930661-96-001136.txt

Special Meeting of Shareholders (8/15/96)

http://sec.gov/Archives/edgar/data/60153/0000950129-96-001470.txt

Liberte Investors f/k/a Lomas & Nettleton Mortgage filed for Chapter 11 (11/25/93)

The plan was confirmed on 1/24/94.

http://sec.gov/Archives/edgar/data/60153/0000950103-94-000071.txt

Company Description

First Acceptance Corporation is a retailer, servicer and underwriter of non-standard personal automobile insurance. It operates through two segments: Personal automobile insurance & Real estate & Corporate. The Personal automobile insurance segment provides drivers with coverage for liability to others for bodily injury and property damage and for physical damage to the driver's vehicle from collision and other perils. The market for personal automobile insurance is generally divided into three product segments: non-standard, standard and preferred insurance. The real estate and corporate segment consists of activities related to the disposition of real estate held for sale, interest expense associated with debt, and other general corporate overhead expenses. It owns and operates three insurance company subsidiaries: First Acceptance Insurance Company, Inc., First Acceptance Insurance Company of Georgia, Inc. and First Acceptance Insurance Company of Tennessee, Inc. The company was founded in April 1996 and is headquartered in Nashville, TN.

Gerald Ford beneficially owns 49.6 percent (12/21/11)

Controls 23,811,694 shares.

As of 12/21/11, the Reporting Persons were the beneficial owners of 23,811,964 shares of Common Stock, which represents 49.6% of the outstanding shares of Common Stock. Because of his affiliation with Hunter’s Glen, Ford Diamond and Turtle Creek, Gerald J. Ford may be deemed to beneficially own 21,851,599 shares of Common Stock, which represents approximately 45.5% of the outstanding Common Stock. The aggregate number of shares of Common Stock owned by the Reporting Persons includes 1,960,365 shares of Common Stock owned by Jeremy B. Ford, the son of Gerald J. Ford. These percentage ownership numbers were calculated based upon 47,980,285 shares of Common Stock outstanding on December 21, 2011, according to information provided to the Reporting Persons by the Company.

On 12/02/11, Turtle Creek purchased 1,038,500 shares of Common Stock at $1.05 per share through a block purchase transaction for an aggregate cash purchase price of $1,111,195, including commissions. On 12/21/11, Hunter’s Glen purchased 6,699,999 shares of Common Stock at $1.45 per share in a privately negotiated transaction for an aggregate purchase price of $9,714,998.55. Except for the foregoing purchases, the Reporting Persons have not, and to the Reporting Person’s knowledge, without independent verification, none of the Officers have, effected any transactions in the securities of the Company during the past 60 days.

http://sec.gov/Archives/edgar/data/1017907/000119312511350951/d273264dsc13da.htm

~ $FAC ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $FAC ~ Earnings expected on Monday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
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