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 Q1 2025 financial results, showing a significant decline in performance. The company's income before taxes decreased to $3.8 million from $8.9 million in Q1 2024. Net income fell to $2.9 million ($0.08 per diluted share) compared to $6.9 million ($0.18 per diluted share) in the same period last year.
The company recognized $0.2 million in unfavorable prior period loss development, down from $3.9 million in Q1 2024. Revenues were impacted by $23.3 million in ceded premiums earned from a new reinsurance agreement effective July 1, 2024. CEO Ken Russell attributed the performance decline to increased physical damage loss severity, citing marketplace price increases due to anticipated tariffs on imported vehicles and auto parts.
First Acceptance (OTCQX:FACO) reported its Q4 and full-year 2024 financial results. Q4 2024 income before taxes was $9.5M with net income of $8.2M, compared to $84.0M and $62.4M respectively in Q4 2023 (which included a $73.0M gain from insurance agency sale).
For full-year 2024, income before taxes reached $33.4M with net income of $26.3M. The company achieved record gross premiums written of $542.7M in 2024, a 101% increase from 2022. Investment income grew significantly from $3.9M in 2022 to $18.4M in 2024, while cash and invested assets increased to $407.8M.
Notable developments include a new reinsurance agreement effective July 1, 2024, resulting in $47.4M in ceded premiums earned. The company's tangible book value per share rose from $0.85 in 2022 to $4.41 in 2024, with diluted earnings per share of $0.67 for 2024.
First Acceptance (OTCQX:FACO) has achieved recognition by being named to the 2025 OTCQX Best 50, a prestigious ranking that showcases top-performing companies on the OTCQX Best Market during 2024.
The OTCQX Best 50 ranking evaluates companies based on two key metrics with equal weighting: one-year total return and average daily dollar volume growth during the previous calendar year. This recognition highlights FACO's strong market performance in 2024.
The OTCQX Best Market is distinguished by its focus on established, investor-focused U.S. and global companies that must meet rigorous standards, including high financial requirements, adherence to best practice corporate governance, and demonstrated compliance with applicable securities laws.
First Acceptance (OTCQX:FACO) reported its Q3 2024 financial results. Net income for Q3 2024 was $5.4 million ($0.14 per diluted share), down from $7.2 million ($0.19 per share) in Q3 2023. For the nine months ended September 30, 2024, net income increased to $18.1 million ($0.46 per share) from $11.5 million ($0.30 per share) year-over-year. The company recognized $3.3 million in unfavorable prior period loss development for Q3 2024. Revenues were impacted by $24.4 million in ceded premiums from a new reinsurance agreement effective July 1, 2024. The company reported strong revenue growth and its seventh consecutive profitable quarter.
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.
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