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.
Acceptance Insurance (OTCQX: FACO) distributed 40,000 backpacks filled with school supplies to students ahead of the 2022-23 school year. Amid rising inflation and supply chain issues, families are facing increased back-to-school costs, estimated at $864 this year, a 24% increase from 2019. CEO Larry Willeford emphasized the company's commitment to supporting families and enhancing student success. The initiative involved community partnerships across 13 states, with donations ranging from basic supplies to educational electronics, showcasing Acceptance Insurance's community engagement efforts.
First Acceptance Corporation (OTCQX:FACO) reported significant financial losses for the three and six months ended June 30, 2022. The company experienced a net loss of $3.6 million in Q2 2022, compared to a net income of $2.8 million in Q2 2021. For the first half of 2022, the net loss totaled $6.7 million, contrasting with a net income of $4.9 million in the same period last year. Premiums written increased by 24% year-over-year, despite facing challenges from the inflationary economy. The report also highlighted unfavorable loss developments and significant net losses on investments.
First Acceptance Corporation (OTCQX:FACO) reported a net loss of $3.1 million for the quarter ending March 31, 2022, in stark contrast to a net income of $2.1 million in the same period last year. Loss before income taxes stood at $3.9 million, while diluted net loss per share was $0.08. The company cited increased claims severity due to rising used car prices and repair costs as major factors. Despite challenges, AM Best affirmed its rating at B (Fair) with a stable outlook, and claims severity showed signs of improvement in March.
First Acceptance Corporation (FACO) reported its financial results for the quarter and year ending December 31, 2021. The company experienced a net loss of $5.6 million for Q4 2021, compared to a net income of $1.8 million in Q4 2020. For the full year, FACO reported a net loss of $1.2 million, a decrease from $10.4 million profit in 2020. The loss ratio increased to 79.1% from 66.7%, attributed to rising car prices and repair costs. Despite these challenges, the company remains optimistic about strengthening premium rates and maintaining regulatory capital.
AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Ratings of 'bb' (Fair) for First Acceptance Corporation's subsidiaries. Despite maintaining an adequate balance sheet strength, the company faces challenges due to marginal operating performance and a decline in policyholder surplus by nearly 15% in 2021. Dividends of $16.9 million were distributed, reflecting ongoing operational pressures, including labor shortages and increased claims. The company operates in 13 states, primarily in the non-standard automobile insurance sector, which continues to experience rising costs.
First Acceptance Corporation (FACO) reported its financial results for the three and nine months ending September 30, 2021. The company experienced a net loss of $0.5 million for Q3 2021, a decline from a net income of $4.0 million in Q3 2020. For the nine-month period, net income decreased to $4.4 million from $8.6 million year-over-year. The rise in loss severity due to increased vehicle repair costs significantly impacted results. Despite this, the company recorded $6.1 million in non-recurring investment gains during Q3 2021.
First Acceptance Corporation (OTCQX:FACO) has appointed Larry Willeford as the new President and CEO, succeeding Ken Russell, who will remain a strategic advisor and Board member. Willeford, previously the President and COO, led efforts to navigate the challenges posed by the COVID crisis. He expressed commitment to achieving the company's future goals with the executive team. Acceptance Insurance, headquartered in Nashville, operates 339 retail locations and provides non-standard personal automobile insurance across 17 states.
The Heisman Trophy Trust has opened applications for the 2021 Heisman High School Scholarship program, sponsored by Acceptance Insurance. This year, scholarship amounts have doubled, offering up to $10,000 to top scholars. Individual state winners will receive $1,000, while national finalists gain at least $2,000. The initiative has honored over 600,000 high school seniors and distributed over a million dollars in scholarships in 27 years. Applications are open until October 19, 2021.
First Acceptance Corporation (OTCQX:FACO) reported its financial results for Q2 and the first half of 2021. Income before taxes for Q2 2021 was $3.6 million, down from $8.2 million in Q2 2020. Net income for Q2 2021 was $2.8 million compared to $6.4 million in the prior year. Year-to-date, net income increased to $4.9 million from $4.6 million in 2020. The company recognized favorable prior period loss development totaling $3.8 million for the first half. Additionally, in July, it gained $5.7 million from an investment and acquired renewal rights to a Florida insurance agency.
