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 (OTCQX:FACO) is an insurance holding company that underwrites non-standard personal automobile insurance through insurance companies known as the First Acceptance Insurance Group. The company, headquartered in Nashville, reports that it distributes its own underwritten auto insurance policies through independent agents, and its news flow reflects this focus on non-standard personal auto coverage and independent agency relationships.
The FACO news stream features the company’s quarterly and annual operating results, where it reports income before income taxes, net income, diluted net income per share, and revenues. These updates often discuss loss ratios, expense ratios, and combined ratios for its insurance companies, as well as the impact of prior period loss and loss adjustment expense development on earnings and commission expense. Investors and observers can follow how factors such as physical damage loss severity, claim frequency, and storm activity in certain market states influence the company’s results.
In addition to earnings releases, First Acceptance issues news about reinsurance arrangements and their effect on revenues through ceded premiums earned, as well as commentary on investment income and its growing contribution to net income. The company also publishes announcements regarding Board of Directors appointments, including new directors with backgrounds in non-standard auto insurance, insurance distribution, and corporate and securities law, and notes their roles on the Audit and Risk Committees.
This news page provides a consolidated view of First Acceptance Corporation’s reported financial performance, underwriting trends, reinsurance effects, investment income developments, and governance changes. Readers interested in FACO can use this feed to monitor the company’s reported profitability, distribution model updates, and board-level developments over time.
First Acceptance Corporation (OTCQX:FACO) announced the appointment of Corey G. Prestidge to its Board of Directors, effective November 4, 2025.
Following the appointment the board will total ten directors, with seven independent directors. Mr. Prestidge is a practicing attorney with over 25 years in corporate and securities law, has served as General Counsel and Secretary of Hilltop Holdings since January 2008, and has provided legal services to First Acceptance since 2012. His prior roles include assistant general counsel at Mark Cuban Companies and associate at Jenkens & Gilchrist. He holds a B.S. in Economics and a J.D. from Southern Methodist University.
First Acceptance Corporation (OTCQX:FACO) reported results for the quarter and nine months ended September 30, 2025. Q3 revenues were $140.7M, up 9% year‑over‑year. Nine‑month revenues before ceded reinsurance rose 6% to $482.3M, while revenues after ceded reinsurance fell 6% to $406.4M due to ceded premiums of $75.9M (nine months) versus $24.4M prior year. Q3 income before taxes was $13.2M and net income $10.2M (diluted EPS $0.27) versus $6.9M, $5.4M and $0.14 in Q3 2024. Nine‑month net income was $21.0M (diluted EPS $0.55) versus $18.1M ($0.46) prior year.
Management cited improved claims handling, leveling claim costs and pricing actions, noting earlier 2025 increases in physical damage severities have partially stabilized.
First Acceptance Corporation (OTCQX:FACO) announced two board appointments effective October 6, 2025. Craig Gentry and Raimundo Ruiz join the Board; Gentry will also serve on the Audit Committee and Ruiz will serve on the Risk Committee. Following the additions, the Board totals nine directors, including seven independent members.
Mr. Gentry brings over 35 years of insurance distribution and sales leadership, including Regional Sales Manager at Progressive (1999–2021) and VP-Sales at Polly (2021–2022). Mr. Ruiz brings over 35 years in personal lines, program development and underwriting, including CEO of Patriot General (since Nov 2022) and prior executive roles at Embark General and Confie.
First Acceptance Corporation (OTCQX:FACO) reported strong Q2 2025 financial results, marking its tenth consecutive profitable quarter. The company achieved net income of $7.9 million ($0.21 per diluted share) for Q2 2025, up from $5.8 million ($0.15 per share) in Q2 2024.
The company recognized favorable prior period loss development of $7.8 million in Q2 2025, compared to unfavorable development of $4.8 million in Q2 2024. However, revenues were impacted by ceded premiums of $24.9 million due to a new reinsurance agreement effective July 1, 2024. The company's book value per share reached a record $4.85 as of June 30, 2025.
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.
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