First Acceptance Corporation (the “Company,” “we” or “us”) is principally a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. Our insurance operations generate revenue from selling non-standard personal automobile insurance products and related products in 16 states. We currently conduct our insurance servicing and underwriting operations in 13 states and operate only as an insurance agency in three states. We are also licensed as an insurance company in 13 states where we do not conduct any business. We own and operate three insurance company subsidiaries: First Acceptance Insurance Company Inc. (“FAIC”), First Acceptance Insurance Company of Georgia Inc. (“FAIC-GA”) and First Acceptance Insurance Company of Tennessee Inc. (“FAIC-TN”). Non-standard personal automobile insurance is sought after by individuals because of their inability or unwillingness to obtain standard insurance coverage due to various factors including payment history, payment preference, failure in the past to maintain continuous insurance coverage or driving record and/or vehicle type. At December 31, 2017, we leased and operated 350 retail locations and a call center staffed with employee-agents. Our employee-agents primarily sell non-standard personal automobile insurance products underwritten by us and through third-party carriers for which we receive a commission. We also offer a variety of additional commissionable products, and, in most states, our employee-agents also sell an insurance product providing personal property and liability coverage for renters that is underwritten by us. In addition to our retail locations, we are able to complete the entire sales process over the phone via our call center or through the internet via our consumer-based website or mobile platform. On a limited basis, we also sell our products through selected retail locations operated by independent agents.
Company profile
Ticker
FACO, FAC
Exchange
Website
CEO
Kenneth D. Russell
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
Liberte Investors Inc
SEC CIK
Corporate docs
IRS number
751328153
Latest filings (excl ownership)
10-K/A
2017 FY
Annual report (amended)
30 Apr 18
15-12B
Securities registration termination
9 Apr 18
8-K
First Acceptance Corporation Begins Trading on OTCQX
9 Apr 18
S-8 POS
Registration of securities for employees (post-effective amendment)
9 Apr 18
S-8 POS
Registration of securities for employees (post-effective amendment)
9 Apr 18
S-8 POS
Registration of securities for employees (post-effective amendment)
9 Apr 18
S-8 POS
Registration of securities for employees (post-effective amendment)
9 Apr 18
S-8 POS
Registration of securities for employees (post-effective amendment)
9 Apr 18
25
Voluntary exchange delisting
28 Mar 18
8-K
First Acceptance Corporation Announces Intent to Voluntarily Delist from the New York Stock Exchange
21 Mar 18
Latest ownership filings
Institutional ownership, Q1 2023
0.1% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 1 |
Opened positions | 0 |
Closed positions | 0 |
Increased positions | 1 |
Reduced positions | 0 |
13F shares | Current |
---|---|
Total value | 28.80 mm |
Total shares | 32.00 k |
Total puts | 0.00 |
Total calls | 0.00 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
Sippican Capital Advisors | 32.00 k | $28.80 mm |