First Acceptance Stock Price, News & Analysis

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.

First Acceptance Corporation (OTCQX:FACO) announced its financial results for the year and quarter ended December 31, 2020. The company reported a net income of $1.8 million for Q4 2020, reversing a net loss of $2.1 million in Q4 2019. For the year, net income was $10.4 million, down from $15.4 million in 2019. Diluted earnings per share for Q4 were $0.05, and $0.27 for the year, compared to $0.37 the prior year. The company noted favorable loss development and stable claims frequency and severity. President Larry Willeford highlighted a rating upgrade from AM Best and a strong recovery in operating revenues.

AM Best has upgraded the Financial Strength Rating (FSR) of First Acceptance Corporation's subsidiaries to B (Fair) from B- (Fair) and the Long-Term Issuer Credit Ratings (ICR) to 'bb' from 'bb-'. Concurrently, the Long-Term ICR of First Acceptance Corporation itself has been upgraded to 'b-' from 'ccc+'. The outlook for these ratings is stable. This reflects the group's adequate balance sheet strength and marginal operating performance, alongside improved policyholder surplus and reduced financial leverage.

First Acceptance Corporation (OTCQX:FACO) reported Q3 2020 financial results, revealing a net income of $4.0 million, down from $4.8 million in Q3 2019. Diluted earnings per share (EPS) decreased to $0.10 from $0.12 year-over-year. For the nine months ended September 30, 2020, net income dropped to $8.6 million from $17.4 million in 2019, with EPS declining from $0.42 to $0.22. The company experienced a loss in investments totaling $2.0 million and completed the divestiture of retail locations in New Mexico and Nevada as part of a strategic shift.