First Acceptance Corporation

FACO

US3184571087

Property & Casualty Insurance

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May. 07	First Acceptance Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 05	First Acceptance Corporation Announces Management Changes	CI

First Acceptance : Annual Statutory Basis Financial Statements - FAIC - TN

March 01, 2022 at 05:59 pm EST

*12825202120100100*

PROPERTY AND CASUALTY COMPANIES-ASSOCIATION EDITION

ANNUAL STATEMENT

For the Year Ended December 31, 2021

OF THE CONDITION AND AFFAIRS OF THE

First Acceptance Insurance Company of Tennessee, Inc.

NAIC Group Code

3362

NAIC Company Code

12825

Employer's ID Number

20-5135088

(Current Period)

(Prior Period)

Organized under the Laws of

Tennessee

, State of Domicile or Port of Entry

Tennessee

Country of Domicile

United States

Incorporated/Organized

06/30/2006

Commenced Business

01/01/2007

Statutory Home Office

3813 Green Hills Village Drive

Nashville, TN, US 37215

(Street and Number)

(City or Town, State, Country and Zip Code)

Main Administrative Office

3813 Green Hills Village Drive

Nashville, TN, US 37215

615-327-4888

(Street and Number)

(City or Town, State, Country and Zip Code)

(Area Code)

(Telephone Number)

Mail Address

3813 Green Hills Village Drive

Nashville, TN, US 37215

(Street and Number or P.O. Box)

(City or Town, State, Country and Zip Code)

Primary Location of Books and Records

3813 Green Hills Village Drive

Nashville, TN, US 37215

615-327-4888

(Street and Number)

(City or Town, State, Country and Zip Code)

(Area Code) (Telephone Number)

Internet Web Site Address

N/A

Statutory Statement Contact

Michael John Bodayle

615-844-2907

mbodayle@acceptanceinsurance.com

(Name)

(Area Code) (Telephone Number) (Extension)

615-844-2806

(E-Mail Address)

(Fax Number)

OFFICERS

Name

Title

Name

Title

Larry Emmett Willeford

President

Michael John Bodayle

Treasurer

Michael John Bodayle

Secretary

OTHER OFFICERS

DIRECTORS OR TRUSTEES

Larry Emmett Willeford

Michael John Bodayle

State of

Tennessee

County of

Davidson

The officers of this reporting entity, being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting period stated above, all of the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except as herein stated, and that this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to, is a full and true statement of all the assets and liabilities and of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and deductions therefrom for the period ended, and have been completed in accordance with the NAIC Annual Statement Instructions and Accounting Practices and Procedures manual except to the extent that: (1) state law may differ; or, (2) that state rules or regulations require differences in reporting not related to accounting practices and procedures, according to the best of their information, knowledge and belief, respectively. Furthermore, the scope of this attestation by the described officers also includes the related corresponding electronic filing with the NAIC, when required, that is an exact copy (except for formatting differences due to electronic filing) of the enclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition to the enclosed statement.


	Larry Emmett Willeford			Michael John Bodayle				Michael John Bodayle
	President			Treasurer	a. Is this an original filing?	Secretary
								Yes [ X ] No [ ]
Subscribed and sworn to before me				b. If no:
this		day of	February, 2022	1.	State the amendment number
							2.	Date filed
							3. Number of pages attached

Jennifer L. Johnson, Director-Operations Services

March 7, 2023

ANNUAL STATEMENT FOR THE YEAR 2021 OF THE First Acceptance Insurance Company of Tennessee, Inc.

ASSETS

				Current Year		Prior Year
			1	2	3	4
					Net Admitted Assets	Net Admitted
			Assets	Nonadmitted Assets	(Cols. 1 - 2)	Assets
1.	Bonds (Schedule D)	14,781,702	14,781,702	13,929,209
2.	Stocks (Schedule D):
	2.1	Preferred stocks		0	0	0
	2.2	Common stocks		0	0	0

3. Mortgage loans on real estate (Schedule B):

3.1	First liens	0	0
3.2	Other than first liens	0	0

4. Real estate (Schedule A):

4.1 Properties occupied by the company (less

	$	encumbrances)			0	0
	4.2 Properties held for the production of income
	(less $	encumbrances)			0	0
	4.3 Properties held for sale (less
	$	encumbrances)			0	0
5.	Cash ($	5,920,273 , Schedule E-Part 1), cash equivalents
	($	8,827,574 , Schedule E-Part 2) and short-term
	investments ($	0	, Schedule DA)	14,747,847		14,747,847	14,949,938
6.	Contract loans (including $	premium notes)			0	0
7.	Derivatives (Schedule DB)		0		0	0
8.	Other invested assets (Schedule BA)		0		0	0
9.	Receivables for securities				0	0
10.	Securities lending reinvested collateral assets (Schedule DL)			0	0
11.	Aggregate write-ins for invested assets		0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)	29,529,548	0	29,529,548	28,879,147
13.	Title plants less $		charged off (for Title insurers
	only)					0	0
14.	Investment income due and accrued		98,403		98,403	91,534

15. Premiums and considerations:

15.1 Uncollected premiums and agents' balances in the course of

	collection	601,781		601,781	511,086
	15.2	Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	earned
	but unbilled premiums)	4,639,141		4,639,141	4,821,418
	15.3 Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)		0	0
16.	Reinsurance:
	16.1	Amounts recoverable from reinsurers	1,292,586		1,292,586	1,213,759
	16.2	Funds held by or deposited with reinsured companies			0	0
	16.3	Other amounts receivable under reinsurance contracts			0	0
17.	Amounts receivable relating to uninsured plans			0	0
18.1	Current federal and foreign income tax recoverable and interest thereon		0	0
18.2	Net deferred tax asset	706,504	321,911	384,593	539,102
19.	Guaranty funds receivable or on deposit			0	0
20.	Electronic data processing equipment and software			0	0

21. Furniture and equipment, including health care delivery assets

	($	)			0	0
22.	Net adjustment in assets and liabilities due to foreign exchange rates			0	0
23.	Receivables from parent, subsidiaries and affiliates	249,698		249,698	1,202,170
24.	Health care ($	) and other amounts receivable			0	0
25.	Aggregate write-ins for other-than-invested assets	95,867	95,867	0	0

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

37,213,528

417,778

36,795,750

37,258,216

27. From Separate Accounts, Segregated Accounts and Protected

	Cell Accounts			0	0
28.	Total (Lines 26 and 27)	37,213,528	417,778	36,795,750	37,258,216
DETAILS OF WRITE-INS
1101.				0	0
1102.				0	0
1103.				0	0
1198.	Summary of remaining write-ins for Line 11 from overflow page	0	0	0	0
1199.	Totals (Lines 1101 through 1103 plus 1198) (Line 11 above)	0	0	0	0
2501.	Prepaid Expenses	95,106	95,106	0	0
2502.	Due From Vendors	761	761	0	0
2503.	Miscellaneous Receivables	0	0	0	0
2598.	Summary of remaining write-ins for Line 25 from overflow page	0	0	0	0
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)	95,867	95,867	0	0

ANNUAL STATEMENT FOR THE YEAR 2021 OF THE First Acceptance Insurance Company of Tennessee, Inc.

LIABILITIES, SURPLUS AND OTHER FUNDS

							1	2
							Current Year	Prior Year
1.	Losses (Part 2A, Line 35, Column 8)				9,657,807	9,679,643
2.	Reinsurance payable on paid losses and loss adjustment expenses (Schedule F, Part 1, Column 6)	1,903,494	1,582,089
3.	Loss adjustment expenses (Part 2A, Line 35, Column 9)				2,448,045	2,217,677
4.	Commissions payable, contingent commissions and other similar charges			33,632	27,326
5.	Other expenses (excluding taxes, licenses and fees)				39,493	83,047
6.	Taxes, licenses and fees (excluding federal and foreign income taxes)			7,686	25,233
7.1	Current federal and foreign income taxes (including $			on realized capital gains (losses))		0
7.2	Net deferred tax liability						0
8.	Borrowed money $	and interest thereon $				0
9.	Unearned premiums (Part 1A, Line 38, Column 5) (after deducting unearned premiums for ceded reinsurance of
	$	5,646,261	and including warranty reserves of $			and accrued accident and
	health experience rating refunds including $	for medical loss ratio rebate per the Public Health
	Service Act)						8,226,707	8,368,742
10.	Advance premium					36,306	38,265
11.	Dividends declared and unpaid:
	11.1 Stockholders						0
	11.2 Policyholders						0
12.	Ceded reinsurance premiums payable (net of ceding commissions)				0
13.	Funds held by company under reinsurance treaties (Schedule F, Part 3, Column 20)		0
14.	Amounts withheld or retained by company for account of others					0
15.	Remittances and items not allocated					0
16.	Provision for reinsurance (including $	certified) (Schedule F, Part 3, Column 78)		0
17.	Net adjustments in assets and liabilities due to foreign exchange rates				0
18.	Drafts outstanding						0
19.	Payable to parent, subsidiaries and affiliates				476,269	461,168
20.	Derivatives						0	0
21.	Payable for securities						0
22.	Payable for securities lending					0
23.	Liability for amounts held	under uninsured plans					0
24.	Capital notes $		and interest thereon $				0
25.	Aggregate write-ins for liabilities				82,695	39,552
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)			22,912,134	22,522,742
27.	Protected cell liabilities						0
28.	Total liabilities (Lines 26 and 27)				22,912,134	22,522,742
29.	Aggregate write-ins for special surplus funds				0	0
30.	Common capital stock					1,500,000	1,500,000
31.	Preferred capital stock						0
32.	Aggregate write-ins for other-than-special surplus funds				0	0
33.	Surplus notes							0
34.	Gross paid in and contributed surplus				12,500,000	12,500,000
35.	Unassigned funds (surplus)				(116,384)	735,474
36.	Less treasury stock, at cost:
	36.1		shares common (value included in Line 30	$	)		0
	36.2		shares preferred (value included in Line 31	$	)		0
37.	Surplus as regards policyholders (Lines 29 to 35, less 36) (Page 4, Line 39)			13,883,616	14,735,474
38.	Totals (Page 2, Line 28, Col. 3)				36,795,750	37,258,216
DETAILS OF WRITE-INS
2501.	Unclaimed Checks					82,695	39,552
2502.	Rounding							0
2503.								0
2598.	Summary of remaining write-ins for Line 25 from overflow page				0	0
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)				82,695	39,552
2901.								0
2902.								0
2903.								0
2998.	Summary of remaining write-ins for Line 29 from overflow page				0	0
2999.	Totals (Lines 2901 through 2903 plus 2998) (Line 29 above)				0	0
3201.								0
3202.								0
3203.								0
3298.	Summary of remaining write-ins for Line 32 from overflow page				0	0
3299.	Totals (Lines 3201 through 3203 plus 3298) (Line 32 above)				0	0

ANNUAL STATEMENT FOR THE YEAR 2021 OF THE First Acceptance Insurance Company of Tennessee, Inc.

STATEMENT OF INCOME

					1	2
					Current Year	Prior Year
1.		UNDERWRITING INCOME
Premiums earned (Part 1, Line 35, Column 4)			27,123,702	26,843,655
	DEDUCTIONS:
2.	Losses incurred (Part 2, Line 35, Column 7)			16,356,984	13,464,192
3.	Loss adjustment expenses incurred (Part 3, Line 25, Column 1)			3,766,450	3,920,688
4.	Other underwriting expenses incurred (Part 3, Line 25, Column 2)			9,671,738	9,659,297
5.	Aggregate write-ins for underwriting deductions			0	2
6.	Total underwriting deductions (Lines 2 through 5)			29,795,172	27,044,179
7.	Net income of protected cells					0
8.	Net underwriting gain (loss) (Line 1 minus Line 6 plus Line 7)			(2,671,470)	(200,524)
		INVESTMENT INCOME
9.	Net investment income earned (Exhibit of Net Investment Income, Line 17)			292,414	354,618
10.	Net realized capital gains (losses) less capital gains tax of $	(Exhibit of Capital Gains (Losses))		0
11.	Net investment gain (loss) (Lines 9 + 10)			292,414	354,618
		OTHER INCOME
12.	Net gain (loss) from agents' or premium balances charged off (amount recovered $		amount
	charged off $	)				0
13.	Finance and service charges not included in premiums			1,737,449	1,706,024
14.	Aggregate write-ins for miscellaneous income			0	0
15.	Total other income (Lines 12 through 14)			1,737,449	1,706,024
16.	Net income before dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes
	(Lines 8 + 11 + 15)				(641,607)	1,860,118
17.	Dividends to policyholders					0
18.	Net income, after dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes
	(Line 16 minus Line 17)				(641,607)	1,860,118
19.	Federal and foreign income taxes incurred				0
20.	Net income (Line 18 minus Line 19) (to Line 22)			(641,607)	1,860,118
		CAPITAL AND SURPLUS ACCOUNT
21.	Surplus as regards policyholders, December 31 prior year (Page 4, Line 39, Column 2)		14,735,474	12,328,651
22.	Net income (from Line 20)				(641,607)	1,860,118
23.	Net transfers (to) from Protected Cell accounts				0
24.	Change in net unrealized capital gains or (losses) less capital gains tax of $				0
25.	Change in net unrealized foreign exchange capital gain (loss)				0
26.	Change in net deferred income tax				167,402	(368,780)
27.	Change in nonadmitted assets (Exhibit of Nonadmitted Assets, Line 28, Col. 3)			(377,654)	615,485
28.	Change in provision for reinsurance (Page 3, Line 16, Column 2 minus Column 1)			0	0
29.	Change in surplus notes					0
30.	Surplus (contributed to) withdrawn from protected cells				0
31.	Cumulative effect of changes in accounting principles				0
32.	Capital changes:
	32.1 Paid in					300,000
	32.2 Transferred from surplus (Stock Dividend)				0
	32.3 Transferred to surplus					0
33.	Surplus adjustments:
	33.1 Paid in					0
	33.2 Transferred to capital (Stock Dividend)				0
	33.3 Transferred from capital					0
34.	Net remittances from or (to) Home Office				0
35.	Dividends to stockholders					0
36.	Change in treasury stock (Page 3, Lines 36.1 and 36.2, Column 2 minus Column 1)			0	0
37.	Aggregate write-ins for gains and losses in surplus			0	0
38.	Change in surplus as regards policyholders for the year (Lines 22 through 37)			(851,859)	2,406,823
39.	Surplus as regards policyholders, December 31 current year (Line 21 plus Line 38) (Page 3, Line 37)		13,883,616	14,735,474
DETAILS OF WRITE-INS
0501.	Rounding					2
0502.						0
0503.						0
0598.	Summary of remaining write-ins for Line 5 from overflow page			0	0
0599.	Totals (Lines 0501 through 0503 plus 0598) (Line 5 above)			0	2
1401.	Rounding					0
1402.						0
1403.						0
1498.	Summary of remaining write-ins for Line 14 from overflow page			0	0
1499.	Totals (Lines 1401 through 1403 plus 1498) (Line 14 above)			0	0
3701.	Rounding					0
3702.						0
3703.						0
3798.	Summary of remaining write-ins for Line 37 from overflow page			0	0
3799.	Totals (Lines 3701 through 3703 plus 3798) (Line 37 above)			0	0

ANNUAL STATEMENT FOR THE YEAR 2021 OF THE First Acceptance Insurance Company of Tennessee, Inc.

CASH FLOW

				1	2
				Current Year	Prior Year
1.		Cash from Operations
Premiums collected net of reinsurance		27,071,290	27,893,494
2.	Net investment income		429,282	574,789
3.	Miscellaneous income		1,737,449	1,706,024
4.	Total (Lines 1 through 3)		29,238,021	30,174,307
5.	Benefit and loss related payments		16,136,242	14,090,775
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	0	0
7.	Commissions, expenses paid and aggregate write-ins for deductions		13,262,615	13,051,325
8.	Dividends paid to policyholders		0	0
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital gains (losses)	0	0
10.	Total (Lines 5 through 9)		29,398,857	27,142,100
11.	Net cash from operations (Line 4 minus Line 10)		(160,836)	3,032,207
12.		Cash from Investments
Proceeds from investments sold, matured or repaid:
	12.1	Bonds		3,757,948	2,073,633
	12.2	Stocks		0	0
	12.3	Mortgage loans		0	0
	12.4	Real estate		0	0
	12.5	Other invested assets		0	0
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments		0	0
	12.7	Miscellaneous proceeds		0	0
13.	12.8	Total investment proceeds (Lines 12.1 to 12.7)		3,757,948	2,073,633
Cost of investments acquired (long-term only):
	13.1	Bonds		4,754,176	0
	13.2	Stocks		0	0
	13.3	Mortgage loans		0	0
	13.4	Real estate		0	0
	13.5	Other invested assets		0	0
	13.6	Miscellaneous applications		0	0
14.	13.7	Total investments acquired (Lines 13.1 to 13.6)		4,754,176	0
Net increase (decrease) in contract loans and premium notes		0	0
15.	Net cash from investments (Line 12.8 minus Line 13.7 minus Line 14)		(996,229)	2,073,633
16.		Cash from Financing and Miscellaneous Sources
Cash provided (applied):
	16.1	Surplus notes, capital notes		0	0
	16.2	Capital and paid in surplus, less treasury stock		0	300,000
	16.3	Borrowed funds		0	0
	16.4	Net deposits on deposit-type contracts and other insurance liabilities			0
	16.5	Dividends to stockholders		0	0
17.	16.6	Other cash provided (applied)		954,973	1,000,008
Net cash from financing and miscellaneous sources (Lines 16.1 to 16.4 minus Line 16.5 plus Line 16.6)	954,973	1,300,008
18.		RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	(202,092)	6,405,848
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year		14,949,938	8,544,090
	19.2	End of year (Line 18 plus Line 19.1)		14,747,847	14,949,938

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First Acceptance Corporation published this content on 01 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2022 22:58:25 UTC.

Latest news about First Acceptance Corporation

First Acceptance Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	May. 07	CI
First Acceptance Corporation Announces Management Changes	Mar. 05	CI
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Earnings Flash (FACO) FIRST ACCEPTANCE Posts Q3 Revenue $133.6M	Nov. 07	MT
Acceptance Insurance Partners with Habitat for Humanity of Greater Nashville to Help Team Member Build New Home	23-06-21	CI
Earnings Flash (FACO) FIRST ACCEPTANCE Reports Q4 Revenue $87.9M	23-03-07	MT
Earnings Flash (FACO) FIRST ACCEPTANCE Reports Q4 Revenue $87.9M	23-03-07	MT
Earnings Flash (FACO) FIRST ACCEPTANCE Posts Q3 Revenue $76.8M	22-11-01	MT
First Acceptance Corporation Announces Demise of Larry Willeford, President	22-10-05	CI
First Acceptance Corporation Announces Demise of Larry Willeford, CEO	22-10-05	CI
Earnings Flash (FACO) FIRST ACCEPTANCE Posts Q1 Revenue $67.6M	22-05-03	MT
Earnings Flash (FACO) FIRST ACCEPTANCE Reports Q4 Revenue $66.4M	22-03-01	MT
Earnings Flash (FACO) FIRST ACCEPTANCE Reports Q3 Revenue $76.4M	21-11-03	MT
First Acceptance Corporation Appoints Larry Willeford as CEO	21-11-02	CI
First Acceptance : Earnings Flash (FACO) FIRST ACCEPTANCE Reports Q3 Revenue $69.7M	20-11-04	MT
First Acceptance Corporation Appoints Larry Willeford as President and COO Effective October 1, 2019	19-06-20	CI
First Acceptance Corp. Reports Earnings Results for the Third Quarter Ended September 30, 2018	18-11-06	CI
First Acceptance Corporation Reports Consolidated Earnings Results for the Quarter Ended March 31, 2018	18-05-08	CI
First Acceptance Corporation(NYSE:FAC) dropped from S&P TMI Index	18-04-09	CI
First Acceptance Corporation Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2017	18-03-06	CI
First Acceptance Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017	17-11-07	CI
First Acceptance Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017	17-08-09	CI
First Acceptance Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017	17-05-09	CI
First Acceptance Corporation Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2016	17-03-14	CI
First Acceptance Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016	16-11-10	CI

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Company Profile

First Acceptance Corporation owns and operates Acceptance Insurance, an insurance agency that sells insurance and related products underwritten and serviced by its own insurance companies and through third-party carriers. The Company operates under an Agency Model in 15 states where it sells both its own underwritten insurance policies and those issued by third-party insurers. Acceptance Insurance sells non-standard personal automobile insurance written solely through independent agents. It also offers a variety of other commissionable third-party products, such as roadside assistance and, in most states, it also sells an insurance product for renters that it underwrites. Acceptance Insurance leases and operates retail locations staffed with employee-agents. It completes sales over the phone through employee-agents in its call center or through its consumer-based Website and mobile platform. It also sells its products through selected retail locations operated by independent agents.

Sector

Property & Casualty Insurance

Calendar

2024-07-29 - Q2 2024 Earnings Release (Projected)

More about the company

Sector Insurance - Automobile

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Insurance - Automobile

First Acceptance Corporation

Equities

FACO

US3184571087

Property & Casualty Insurance

First Acceptance : Annual Statutory Basis Financial Statements - FAIC - TN

Latest news about First Acceptance Corporation

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Company Profile

Sector Insurance - Automobile