First Acceptance Corporation Announces Opening of New Memphis Retail Store
18 Maggio 2015 - 10:05PM
First Acceptance Corporation
Announces Opening of New Memphis Retail Store
NASHVILLE, TN, May 18, 2015 - First Acceptance
Corporation (NYSE: FAC), d/b/a Acceptance Insurance, a leader in
the non-standard automobile insurance industry, announced today
that it has opened its fourth retail store location in Memphis,
Tennessee. This brings the number of Company-operated retail
locations to 356 and marks the fifth new store that the Company has
opened since November 2014. Acceptance previously had not opened
any new retail locations since 2008.
Joe Borbely, the Company's President and CEO
commented "While the Acceptance team is currently focused on the
upcoming integration of the Titan acquisition, we will continue to
add retail locations in our current operating states where we
believe opportunities exist to better serve our target
customers."
Pending Acquisition
On April 27, the Company announced that it has
entered into an agreement to acquire certain assets of Titan
Insurance Services, Inc. and Titan Auto Insurance of New Mexico,
Inc. These agencies sell private passenger non-standard automobile
insurance from 83 retail stores, principally in California, but
also in Texas, Arizona, Florida, Nevada and New Mexico.
About First Acceptance
Corporation
We are principally a retailer, servicer and
underwriter of non-standard personal automobile insurance based in
Nashville, Tennessee. We currently write non-standard personal
automobile insurance in 13 states and are licensed as an insurer in
12 additional states. Non-standard personal automobile insurance is
made available to 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. In most instances, these individuals
are seeking to obtain the minimum amount of automobile insurance
required by law.
At May 18, 2015, we leased and operated 356 retail
locations and a call center staffed with employee-agents. Our
employee-agents primarily sell non-standard personal automobile
insurance products underwritten by us, as well as certain
commissionable ancillary products. In most states, our
employee-agents also sell a complementary insurance product
providing personal property and liability coverage for renters
underwritten by us. In addition, select retail locations in highly
competitive markets in Illinois and Texas offer non-standard
personal automobile insurance serviced and underwritten by other
third-party insurance carriers. 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. Additional information about First
Acceptance Corporation can be found online at
www.acceptanceinsurance.com.
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. 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. Forward-looking statements speak
only as of the date they are made and, except as required by law,
we do not assume any duty to update forward-looking statements.
Such forward-looking statements include, but are not limited to,
statements concerning such things as our business strategy, our
financial condition, our pending acquisition of certain assets of
Titan Insurance Services, Inc. and Titan Auto Insurance of New
Mexico, Inc. and our other plans, objectives, strategies,
expectations and intentions and other statements that are not
statements of historical fact, and may be identified by words such
as "believe," "continue," "intends," "may," "might,"
"probable," "projects," or "seek" or the negative of these words
and phrases or similar words or phrases. Factors that may
affect these forward-looking statements and our business and
financial results are described in the risk factors included in our
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the year ended December 31,
2014. All forward-looking statements are qualified in their
entirety by this cautionary statement.
.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: First Acceptance Corporation via
Globenewswire
HUG#1921748
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