First Acceptance Corporation Reports Operating Results for the Quarter Ended March 31, 2026
Rhea-AI Summary
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.
AI-generated analysis. Not financial advice.
Positive
- Revenues before ceded reinsurance +4% to $154.0M
- Net income of $8.2M for Q1 2026
- Diluted EPS of $0.22 in Q1 2026
Negative
- Revenues after ceded reinsurance down 5% to $118.4M
- Ceded premiums increased to $35.6M from $23.3M
- Management cites market softness and inflationary loss-cost pressure
News Market Reaction – FACO
On the day this news was published, FACO gained 1.20%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
NASHVILLE, TN / ACCESS Newswire / May 5, 2026 / First Acceptance Corporation (OTCQX:FACO) today reported its financial results for the quarter ended March 31, 2026. A quarterly report can be found at www.otcmarkets.com/stock/FACO/disclosure.
Revenues before ceded reinsurance for the three months ended March 31, 2026 increased
Income before income taxes for the three months ended March 31, 2026 was
The Company's President and Chief Executive Officer, Ken Russell, commented, "We are proud of our first quarter results, which reflect continued execution against our vision and progress in strengthening the business. While we recognize ongoing pressures, including softening in certain markets and continued loss cost impacts from inflation and supply chain dynamics, we are confident that our operating model is positioning us to navigate both anticipated and evolving conditions. At the same time, we are actively evaluating additional strategic distribution opportunities to further scale the platform. We believe these efforts, alongside our disciplined approach to pricing and underwriting, position us well to enhance long-term value."
About First Acceptance Corporation
First Acceptance Corporation is an insurance holding company headquartered in Nashville that underwrites non-standard personal automobile insurance through insurance companies known as the First Acceptance Insurance Group. We primarily offer our own underwritten insurance policies through independent agents.
Additional information about First Acceptance Corporation can be found online at www.firstacceptance.com.
Forward-Looking Statements
This press release contains forward-looking statements. All statements made other than statements of historical fact are forward-looking statements. You can identify these statements from our use of the words "believe," "expect," "look," or the negative of these objective terms and similar expressions. These statements, which have been included in reliance on the "safe harbor" provisions of the federal securities laws, involve risks and uncertainties. Investors are hereby cautioned that these statements may be affected by important factors, including, among others, the factors set forth under the caption "Risk Factors" in our Annual Report for the year ended December 31, 2025, filed by the Company with the OTCQX. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
First Acceptance Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(amounts in thousands, except per share data)
Three Months Ended | ||||||||
March 31, | ||||||||
2026 | 2025 | |||||||
Revenues | $ | 118,376 | $ | 125,087 | ||||
Income before income taxes | $ | 10,177 | $ | 3,780 | ||||
Net income | $ | 8,190 | $ | 2,906 | ||||
Net income per diluted share | $ | 0.22 | $ | 0.08 | ||||
Average diluted shares outstanding | 37,824 | 38,628 | ||||||
Loss Ratio | 62.6 | % | 78.9 | % | ||||
Expense Ratio | 31.8 | % | 20.9 | % | ||||
Combined Ratio | 94.4 | % | 99.8 | % | ||||
Book Value per Common Share | $ | 5.57 | $ | 4.60 | ||||
INVESTOR RELATIONS CONTACT:
Michael J. Bodayle
mbodayle@firstacceptance.com
SOURCE: First Acceptance Corp.
View the original press release on ACCESS Newswire