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First Acceptance Corp. Message Board

  • ryanmj_1999 ryanmj_1999 Sep 19, 2013 11:59 AM Flag

    affm retail sale supports large upside for FAC

    AFFM sells retail agency business (about $200 million in premium) for $120million. ($100 mill plus $20million contingent on AFFM insurance company maintain a 350% RBC ratio.) This is just for retail agency does not include insurance company or any surplus associated with insurance company. On this basis FAC has an enterprise value of $190million ( $120 million for retail and $70 million for insurance company (at book value). Equity market cap would be $150 million or $3.65 per share. More than twice the current price.

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