NASHVILLE, TN, July 1, 2013 – First Acceptance Corporation (NYSE: FAC) today announced the appointment of Brent J. Gay as the Company’s Senior Vice President and Chief Financial Officer. Mr. Gay will assume his position with the Company effective July 22, 2013 and will serve as the Company’s principal financial and accounting officer overseeing the finance, treasury, planning, actuarial and product development functions.
Prior to joining the Company, Mr. Gay served as the Chief Financial Officer of Titan Insurance, the non-standard automobile insurance division of Nationwide Insurance since December 2011. Mr. Gay joined Nationwide in 2006 and held various financial planning and analysis roles of increasing responsibility within Nationwide’s property & casualty operations. From 1999 to 2006, Mr. Gay held several finance leadership roles at General Motors Corporation in various divisions.
Mr. Gay has an MBA from the Darden Graduate School of Business at the University of Virginia, a Bachelors degree in International Business and Economics from Ohio Northern University and holds the Certified Property & Casualty Underwriter (CPCU) designation.
The Company’s President, Joe Borbely stated, “Brent joins First Acceptance at an exciting time in its history. The Company continues to focus on developing and strengthening its capabilities across the organization. We are confident that Brent leadership will advance the Company and its goals.”
Mr. Gay added, “I am thrilled to be joining First Acceptance, as momentum is clearly building across the business. I look forward to working with the First Acceptance team to continue to that momentum.”
About First Acceptance Corporation
We are a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. We currently write non-standard personal automobile insurance in 12 states and are licensed as an insurer in 13 additional states. Non-standard personal automobile insurance is made available to individuals who are categorized as “non-standard” 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, driving record and/or vehicle type, and in most instances who are required by law to buy a minimum amount of automobile insurance.
At March 31, 2013, we leased and operated 367 retail locations, 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 tenant homeowner insurance product underwritten by us. In addition, during the three months ended March 31, 2013, select retail locations in highly competitive markets in Illinois and Texas began offering non-standard personal automobile insurance serviced and underwritten by other third-party insurance carriers. We are able to complete the entire sales process over the phone or through our consumer-based website. In addition to our retail, call center and website, we also sell our products through 13 retail locations operated by independent agents. Additional information about First Acceptance Corporation can be found online at www.acceptanceinsurance.com.
SOURCE: First Acceptance Corporation
INVESTOR RELATIONS CONTACT:
Michael J. Bodayle
615.844.2885