FIRST ACCEPTANCE CORP - FACO STOCK NEWS

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.

Acceptance Insurance announced a contribution of $100,000 to support hardworking Americans and various non-profit organizations. Key recipients include Big Brothers Big Sisters of America and Feeding America, each receiving over $10,000. Through the 'Get A Smile, Give A Smile' initiative, 85 winners not only received prizes up to $5,000 but also directed matching donations to select charities. Acceptance Insurance, operating in 13 states, focuses on underserved customers and has received an A+ rating from the Better Business Bureau.

First Acceptance Corporation (FACO) announced its financial results for Q1 2021, reporting a net income of $2.1 million, reversing from a net loss of $1.8 million in Q1 2020. This positive shift is attributed to a 9% increase in new business policies and 16% growth in policies in force. The company also declared a special cash dividend of $0.27 per common share, payable on June 4, 2021. Revenue for the quarter reached $68.7 million, reflecting improved operational performance and favorable development of prior period losses.