FIRST ACCEPTANCE CORP - FACO STOCK NEWS

First Acceptance (OTCQX:FACO) reported strong financial results for Q2 2024. Income before taxes reached $8.1 million, up from $4.2 million in Q2 2023. Net income increased to $5.8 million from $3.2 million year-over-year. Diluted earnings per share rose to $0.15 from $0.08. For the first half of 2024, income before taxes was $17.0 million, compared to $5.6 million in H1 2023. Net income for H1 2024 reached $12.7 million, up from $4.3 million. The company recognized unfavorable prior period loss and LAE development of $4.8 million in Q2 2024. CEO Ken Russell highlighted six consecutive profitable quarters, sustained premium growth, and improved investment income as key factors in the company's performance.

First Acceptance (OTCQX:FACO) announced the appointment of Ronald H. Davies to its Board of Directors, effective July 1, 2024. Mr. Davies will also serve on the Board's Audit and Risk Committees. This appointment brings the Board's total to eight directors, including six independent members. Mr. Davies has a rich background in non-standard automobile insurance, having served as President and CEO of Safe Auto Insurance Group from 2012 to 2021. He co-founded SureDeposit.com and held leadership roles at Progressive Insurance Company and Vivant Inc. He holds a BS from West Point and an MBA from Harvard Business School.

First Acceptance (OTCQX:FACO) reported financial results for the quarter ended March 31, 2024. Income before taxes was $8.9M, net income was $6.9M, and diluted EPS was $0.18. Unfavorable loss development was $3.9M. Revenues and net income included $0.5M gains on investments. President commented on strong demand for non-standard auto insurance products and increased profitability from investments.

First Acceptance Corporation (FACO) reports strong financial results for Q4 and full year 2023, with significant gains in income and net income per share. The company sold its subsidiary, generating a gain of $73.0 million. Organizational changes were announced to align with the transition to independent agent-based distribution, aiming for increased stockholder value and operational focus on underwriting results.

AM Best has affirmed the Financial Strength Rating of C++ and the Long-Term Issuer Credit Ratings of 'b+' of the subsidiaries of First Acceptance Corporation (Delaware) [OTCQX: FACO]. The outlook for the FSR is stable while the outlook for the Long-Term ICR is negative. The ratings reflect First Acceptance's weak balance sheet strength, marginal operating performance, limited business profile, and marginal enterprise risk management. The stable outlook on the FSR reflects the expectation that risk-adjusted capitalization will be maintained at an acceptable level to support the balance sheet strength assessment and near-term business growth expectations.

First Acceptance Corporation (FACO) has been named to the 2024 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year. The ranking is based on one-year total return and average daily dollar volume growth in the previous calendar year. This recognition highlights the company's strong financial performance and investor-focused approach.

First Acceptance Corporation (FACO) announced the sale of its subsidiary, Acceptance Insurance Agency of Tennessee, Inc. to Alliant Insurance Services, Inc. for up to $120 million in cash. AITN sells non-standard automobile insurance through employee-agents in 13 states. The purchase agreement allows Confie and its affiliates to operate as independent agents for FACO's non-standard automobile insurance products written through AITN.

First Acceptance Corporation (FACO) Reports Positive Financial Results for Q3 2023

Acceptance Insurance (OTCQX: FACO) has won a 2023 Public Relations and Marketing Excellence Award for accelerating their brand's growth. The marketing department supports sales, customer retention, and market expansion efforts. The company operates across 13 states with over 1,200 team members in 250 retail locations.