Welcome to our dedicated page for First Acceptance news (Ticker: FACO), a resource for investors and traders seeking the latest updates and insights on First Acceptance stock.
First Acceptance Corporation (FACO) provides specialized non-standard auto insurance through independent agents and corporate-owned retail locations across 20+ states. This page serves as the definitive source for tracking the company's financial developments, operational strategies, and regulatory milestones.
Access real-time updates on quarterly earnings, product launches, leadership appointments, and real estate portfolio management. Investors will find press releases detailing underwriting performance, claims management innovations, and expansions within the non-standard insurance market.
All content is rigorously verified to provide accurate insights into FACO's dual focus areas: insurance operations (policy underwriting, agent network growth) and corporate real estate management (foreclosed property dispositions, expense optimization). Bookmark this page to monitor how the company balances risk management with market opportunities in a complex regulatory environment.
First Acceptance Corporation (OTCQX:FACO) reported its financial results for the quarter and year ending December 31, 2022. For Q4, the company posted a net loss of $2.1 million, a significant reduction from $5.6 million in Q4 2021. The 2022 total net loss was $17.5 million, compared to $1.2 million in the previous year. The average diluted loss per share was $0.06 for Q4 2022, down from $0.15, while the annual figure was $0.46 compared to $0.03. Despite a 4.8 million unfavorable prior period loss development, management cited positive trends in cost reductions and premium rate increases. Ken Russell announced the promotion of Doug Jensen to a new executive role overseeing insurance operations.
AM Best has downgraded the Financial Strength Rating (FSR) of
First Acceptance Corporation (OTCQX:FACO) reported significant financial losses for Q3 and the first nine months of 2022. The company reported a net loss of $8.6 million for the three months ending September 30, 2022, compared to a $0.5 million loss in 2021. For the nine-month period, net loss totaled $15.3 million, a stark contrast to a $4.4 million income in the previous year. Underwriting losses were influenced by inflation and rising auto repair costs. The company is planning to implement premium rate increases to mitigate these challenges.
Acceptance Insurance (OTCQX: FACO) announced the unexpected death of President and CEO Larry Willeford at the age of 65 on October 5, 2022. Willeford had been with the company since 2016, taking the role of CEO in November 2021. His leadership was marked by accolades for workplace culture, including recognition by Forbes in 2022 as one of America’s Best Midsize Employers. Following his passing, Ken Russell, former CEO, will serve as interim leader to maintain operational continuity.
