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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.
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.
The Heisman Trophy Trust and Acceptance Insurance have announced a partnership to celebrate high school scholar-athletes for their academic, athletic accomplishments, and community service. Acceptance Insurance will be the presenting sponsor of the Heisman High School Scholarship program, which has awarded over $1 million in scholarships to more than 600,000 students over 26 years. The 2020 application for scholarships is now open, with winners eligible for up to $5,000 and a feature during the Heisman Trophy Presentation. This partnership aims to inspire positive change and community engagement.
First Acceptance Corporation (OTCQX:FACO) announced financial results for the three and six months ended June 30, 2020. For Q2 2020, income before taxes rose to $8.2 million, up from $7.8 million in Q2 2019. Net income increased to $6.4 million from $6.1 million. Diluted earnings per share reached $0.17, compared to $0.14 year-over-year. However, for the first half of 2020, net income dropped to $4.6 million from $12.6 million in 2019. The company reported enhanced business activity as retail locations reopened, along with a decrease in claims frequency due to reduced driving during the pandemic.