NASHVILLE, TN / ACCESSWIRE/ December 6, 2021 / First Acceptance Corporation (OTCQX:FACO) today announced that its Board of Directors has declared a special cash dividend of $0.11 per common share, payable on December 21, 2021, to all common stockholders of record as of the close of business on December 16, 2021. The determination to pay dividends in the future will be evaluated by the Board of Directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements and contractual restrictions.
President and Chief Executive Officer, Larry Willeford, commented, "I am pleased that we are able to provide First Acceptance stockholders with our second special dividend of 2021. The financial results of our insurance companies over the last several years has enabled our lead insurance company to pay a dividend to our holding company that has made it possible to pay this dividend."
About First Acceptance Corporation
We own and operate "Acceptance Insurance," an insurance agency headquartered in Nashville, Tennessee that sells insurance and related products underwritten and serviced by our own insurance companies (known as the First Acceptance Insurance Group) and through third-party carriers for which we receive a commission. Our operations generate revenue from sales in 17 states and from underwriting our own insurance company products in 15 of these states.
Acceptance Insurance primarily sells non-standard personal automobile insurance through our own insurance companies and third-party carriers. 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 their payment preference, failure to have maintained continuous insurance coverage, or their driving record. We also offer a variety of other commissionable third-party products, such as roadside assistance and, in most states, we also sell an insurance product for renters that we underwrite. We believe that our agency-focused operations provide us with a variety of insurance alternatives for our core customers as well as the ability to provide products that suit other potential customers.
Acceptance Insurance currently leases and operates 339 retail locations staffed with employee-agents. In addition to our retail locations, we are able to complete sales over the phone through employee-agents in our call center or through our consumer-based website and mobile platform. On a limited basis, we also sell our products through selected retail locations operated by independent agents.
Additional information about First Acceptance Corporation can be found online at www.acceptance.com.
This press release contains forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements anticipated in such statements. Such forward-looking statements include, but are not limited to, statements concerning such things as our plans, objectives, strategies, expectations, intentions, and other statements that are not statements of historical fact and may be identified by words such as "believe" or the negative of this term and similar expressions. These statements, which have been included in reliance on the "safe harbor" provisions of the federal securities laws. 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, 2020 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.
SOURCE: First Acceptance Corporation
INVESTOR RELATIONS CONTACT:
Michael J. Bodayle
SOURCE: First Acceptance Corp.
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