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First Acceptance Corporation reports recurring operating results for an insurance holding company that underwrites non-standard personal automobile insurance through the First Acceptance Insurance Group. Company updates focus on premium revenue, ceded reinsurance, underwriting profitability, loss and loss-adjustment expense trends, regulatory rate actions, and the economics of its independent-agent distribution model.
News also covers corporate governance developments, including board appointments and committee roles, alongside management commentary on pricing, claims severity, supply-chain effects, and distribution opportunities in personal auto insurance.
First Acceptance Corporation (OTCQX:FACO) reported results for the quarter ended March 31, 2026. Revenues before ceded reinsurance rose 4% to $154.0 million; revenues after ceded reinsurance fell 5% to $118.4 million. Net income was $8.2 million; diluted EPS $0.22.
Management cited market softness, inflationary loss-cost impacts, and continued focus on pricing, underwriting, and strategic distribution opportunities.
First Acceptance Corporation (OTCQX:FACO) reported results for the quarter and year ended December 31, 2025. Net income was $30.2 million for 2025, up from $26.3 million in 2024, and diluted EPS rose to $0.80 from $0.67. Book value per share increased to $5.45 from $4.44.
Revenues before ceded reinsurance were $613.5 million in 2025; ceded premiums rose to $107.2 million due to a reinsurance contract effective July 1, 2024, and revenues after ceded reinsurance were $506.3 million.
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.