First Acceptance : Quarterly Statutory Basis Financial Statements FAGA

*11508202120100103*

PROPERTY AND CASUALTY COMPANIES-ASSOCIATION EDITION

QUARTERLY STATEMENT

AS OF SEPTEMBER 30, 2021

OF THE CONDITION AND AFFAIRS OF THE

First Acceptance Insurance Company of Georgia, Inc.

NAIC Group Code	3362	,	3362	NAIC Company Code	11508	Employer's ID Number	75-3060573
	(Current Period)		(Prior Period)

Organized under the Laws of Country of Domicile Incorporated/Organized Statutory Home Office

	Georgia	, State of Domicile or Port of Entry	Georgia
		United States
	09/19/2002	Commenced Business		10/03/2002
	4290 Bells Ferry Road, Suite 142	,		Kennesaw, GA, US 30144
	(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

(Name)

(Area Code) (Telephone Number) (Extension)

[e-mail]

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		Christopher Patrick Wills
State of	Tennessee
County of	Davidson	ss

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				Secretary
							a. Is this an original filing?	Yes [X] No [ ]
	Subscribed and sworn to before me this			b. If no:
		day of	November, 2021			1.	State the amendment number
							2.	Date filed
							3. Number of pages attached

Jennifer L. Johnson, Director-Operations Services

March 7, 2023

STATEMENT AS OF SEPTEMBER 30, 2021 OF THE First Acceptance Insurance Company of Georgia, Inc.

ASSETS

	Current Statement Date		4
1	2	3	December 31
		Net Admitted Assets	Prior Year Net
Assets	Nonadmitted Assets	(Cols. 1 - 2)	Admitted Assets

1.	Bonds	37,757,473	37,757,473	41,473,075
2.	Stocks:
	2.1	Preferred stocks	2,750,000	2,750,000	2,932,600
	2.2	Common stocks	1,562,700	1,562,700	1,137,000
3.	Mortgage loans on real estate:
	3.1	First liens		0	0
	3.2	Other than first liens		0	0

4. Real estate:

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 ($	1,783,825 ),
	cash equivalents ($		9,713,383	)
	and short-term investments ($	0 )	11,497,209		11,497,209	7,743,265
6.	Contract loans (including $		premium notes)			0	0
7.	Derivatives				0		0	0
8.	Other invested assets			0		0	0
9.	Receivables for securities			589		589	0
10.	Securities lending reinvested collateral assets			0	0
11.	Aggregate write-ins for invested assets		0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)	53,567,971	0	53,567,971	53,285,941
13.	Title plants less $			charged off (for Title insurers
	only)						0	0
14.	Investment income due and accrued		185,760		185,760	181,082
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of
	collection				2,165,344		2,165,344	171,342
	15.2 Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	earned
	but unbilled premiums)			15,865,229		15,865,229	17,527,451
	15.3 Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)			0	0
16.	Reinsurance:
	16.1 Amounts recoverable from reinsurers		11,494,491		11,494,491	2,784,550
	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			2,208,953	807,322	1,401,631	1,343,877
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	4,413,591		4,413,591	4,415,622
24.	Health care ($		) and other amounts receivable			0	0
25.	Aggregate write-ins for other-than-invested assets	392,739	392,739	0	0
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)		90,294,078	1,200,061	89,094,017	79,709,865
27.	From Separate Accounts, Segregated Accounts and Protected
	Cell Accounts						0	0
28.	Total (Lines 26 and 27)			90,294,078	1,200,061	89,094,017	79,709,865
	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				392,739	392,739	0	0
2502.	Rounding						0	0
2503.	Due from Vendors						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)	392,739	392,739	0	0

2

STATEMENT AS OF SEPTEMBER 30, 2021 OF THE First Acceptance Insurance Company of Georgia, Inc.

LIABILITIES, SURPLUS AND OTHER FUNDS

							1	2
							Current	December 31,
							Statement Date	Prior Year
1.	Losses (current accident year $	12,478,000 )				20,549,539	20,848,463
2.	Reinsurance payable on paid losses and loss adjustment expenses				12,021,842	3,407,577
3.	Loss adjustment expenses						5,204,744	4,776,534
4.	Commissions payable, contingent commissions and other similar charges				0
5.	Other expenses (excluding taxes, licenses and fees)				112,497	179,361
6.	Taxes, licenses and fees (excluding federal and foreign income taxes)				1,133,644	1,497,515
7.1Current 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 (after deducting unearned premiums for ceded reinsurance of $	18,612,098	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)		19,227,235	18,024,983
10.	Advance premium						73,449	82,417
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					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)				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				1,090,658	1,256,660
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					58,603	31,761
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)				59,472,211	50,105,271
27.	Protected cell liabilities							0
28.	Total liabilities (Lines 26 and 27)					59,472,211	50,105,271
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					35,866,573	35,866,573
35.	Unassigned funds (surplus)						(7,744,767)	(7,761,979)
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)				29,621,806	29,604,594
38.	Totals (Page 2, Line 28, Col. 3)					89,094,017	79,709,865
	DETAILS OF WRITE-INS
2501.	Unclaimed Checks						58,603	31,762
2502.	Rounding							(1)
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)				58,603	31,761
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.	Rounding							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

3

STATEMENT AS OF SEPTEMBER 30, 2021 OF THE First Acceptance Insurance Company of Georgia, Inc.

STATEMENT OF INCOME

							1	2	3
							Current Year	Prior Year	Prior Year Ended
							to Date	to Date	December 31
1.	Premiums earned:	UNDERWRITING INCOME
	1.1	Direct (written $	39,961,233	)		41,574,991	41,965,465	55,503,430
	1.2	Assumed (written $	45,721,191 )		44,518,592	46,914,689	57,817,104
	1.3	Ceded (written $	39,961,233	)		41,574,991	41,965,465	55,503,430
	1.4	Net (written $	45,721,191	)		44,518,592	46,914,689	57,817,104
2.			DEDUCTIONS:
Losses incurred (current accident year $	26,742,000 ):
	2.1 Direct				25,071,275	20,891,284	27,939,154
	2.2 Assumed				26,230,954	23,292,031	28,999,799
	2.3 Ceded				25,071,275	20,891,284	27,939,154
3.	2.4 Net				26,230,954	23,292,031	28,999,799
Loss adjustment expenses incurred			6,116,199	6,795,798	8,444,563
4.	Other underwriting expenses incurred			15,570,720	16,897,304	20,804,641
5.	Aggregate write-ins for underwriting deductions		0	1	(2)
6.	Total underwriting deductions (Lines 2 through 5)		47,917,873	46,985,134	58,249,001
7.	Net income of protected cells					0	0
8.	Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)		(3,399,281)	(70,445)	(431,897)
9.	Net investment income earned	INVESTMENT INCOME		545,058	583,608	779,298
10.	Net realized capital gains (losses) less capital gains tax of $		(3,870)	(8,687)	(12,998)
11.	Net investment gain (loss) (Lines 9 + 10)			541,188	574,921	766,300
12.				OTHER INCOME
Net gain or (loss) from agents' or premium balances charged off
13.	(amount recovered $		amount charged off $	)		0	0
Finance and service charges not included in premiums		2,847,288	2,964,504	3,674,513
14.	Aggregate write-ins for miscellaneous income		0	0	0
15.	Total other income (Lines 12 through 14)			2,847,288	2,964,504	3,674,513
16.	Net income before dividends to policyholders, after capital gains tax and before all other federal
17.	and foreign income taxes (Lines 8 + 11 + 15)		(10,805)	3,468,980	4,008,916
Dividends to policyholders					0	0
18.	Net income, after dividends to policyholders, after capital gains tax and before all other federal
19.	and foreign income taxes (Line 16 minus Line 17)		(10,805)	3,468,980	4,008,916
Federal and foreign income taxes incurred				0	0
20.	Net income (Line 18 minus Line 19)(to Line 22)		(10,805)	3,468,980	4,008,916
21.			CAPITAL AND SURPLUS ACCOUNT
Surplus as regards policyholders, December 31 prior year		29,604,594	35,497,540	35,497,539
22.	Net income (from Line 20)				(10,805)	3,468,980	4,008,916
23.	Net transfers (to) from Protected Cell accounts			0	0
24.	Change in net unrealized capital gains or (losses) less capital gains tax of
25.	$						255,337	(258,382)	(37,547)
Change in net unrealized foreign exchange capital gain (loss)			0	0
26.	Change in net deferred income tax			75,154	0	(829,199)
27.	Change in nonadmitted assets				(302,474)	(49,442)	964,887
28.	Change in provision for reinsurance				0	0
29.	Change in surplus notes					0	0
30.	Surplus (contributed to) withdrawn from protected cells			0	0
31.	Cumulative effect of changes in accounting principles			0	0
32.	Capital changes:
	32.1	Paid in					0	0
	32.2	Transferred from surplus (Stock Dividend)			0	0
33.	32.3	Transferred to surplus					0	0
Surplus adjustments:
	33.1	Paid in					0	(10,000,000)
	33.2	Transferred to capital (Stock Dividend)				0	0
34.	33.3	Transferred from capital					0	0
Net remittances from or (to) Home Office				0	0
35.	Dividends to stockholders					0	0
36.	Change in treasury stock					0	0
37.	Aggregate write-ins for gains and losses in surplus		0	(3)	(2)
38.	Change in surplus as regards policyholders (Lines 22 through 37)		17,212	3,161,153	(5,892,945)
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)		29,621,806	38,658,693	29,604,594
0501.	DETAILS OF WRITE-INS
Rounding					1	(2)
0502.								0	0
0503.
0598.	Summary of remaining write-ins for Line 5 from overflow page		0	0	0
0599.	TOTALS (Lines 0501 through 0503 plus 0598) (Line 5 above)		0	1	(2)
1401.	Rounding					0	0
1402.								0	0
1403.								0	0
1498.	Summary of remaining write-ins for Line 14 from overflow page		0	0	0
1499.	TOTALS (Lines 1401 through 1403 plus 1498) (Line 14 above)		0	0	0
3701.	Rounding					(3)	(2)
3702.								0	0
3703.								0	0
3798.	Summary of remaining write-ins for Line 37 from overflow page		0	0	0
3799.	TOTALS (Lines 3701 through 3703 plus 3798) (Line 37 above)		0	(3)	(2)

4

STATEMENT AS OF SEPTEMBER 30, 2021 OF THE First Acceptance Insurance Company of Georgia, Inc.

CASH FLOW

				1	2	3
				Current Year	Prior Year	Prior Year Ended
				To Date	To Date	December 31
1.		Cash from Operations
Premiums collected net of reinsurance		45,380,096	46,156,630	54,853,167
2.	Net investment income		749,578	752,351	1,001,790
3.	Miscellaneous income		2,847,288	2,964,504	3,674,513
4.	Total (Lines 1 to 3)		48,976,962	49,873,485	59,529,470
5.	Benefit and loss related payments		26,625,554	27,835,649	36,275,611
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	0	0	0
7.	Commissions, expenses paid and aggregate write-ins for deductions		21,689,444	23,633,083	29,032,817
8.	Dividends paid to policyholders		0	0	0
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital
10.	gains (losses)		0	0	0
Total (Lines 5 through 9)		48,314,998	51,468,732	65,308,428
11.	Net cash from operations (Line 4 minus Line 10)		661,964	(1,595,247)	(5,778,958)
12.		Cash from Investments
Proceeds from investments sold, matured or repaid:
	12.1	Bonds		3,515,149	2,126,930	3,169,159
	12.2	Stocks		0	0	0
	12.3	Mortgage loans		0	0	0
	12.4	Real estate		0	0	0
	12.5	Other invested assets		0	0	0
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments		0	0	0
	12.7	Miscellaneous proceeds		0	0	0
13.	12.8	Total investment proceeds (Lines 12.1 to 12.7)		3,515,150	2,126,930	3,169,159
Cost of investments acquired (long-term only):
	13.1	Bonds		377	13,658,129	20,462,188
	13.2	Stocks		0	1,049,082	1,049,082
	13.3	Mortgage loans		0	0	0
	13.4	Real estate		0	0	0
	13.5	Other invested assets		0	0	0
	13.6	Miscellaneous applications		589	0	1
14.	13.7	Total investments acquired (Lines 13.1 to 13.6)		966	14,707,211	21,511,271
Net increase (or decrease) in contract loans and premium notes		0	0	0
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)		3,514,184	(12,580,281)	(18,342,112)
16.		Cash from Financing and Miscellaneous Sources
Cash provided (applied):
	16.1	Surplus notes, capital notes		0	0	0
	16.2	Capital and paid in surplus, less treasury stock		0	0	(10,000,000)
	16.3	Borrowed funds		0	0	0
	16.4	Net deposits on deposit-type contracts and other insurance liabilities			0	0
	16.5	Dividends to stockholders		0	0	0
	16.6	Other cash provided (applied)		(422,204)	(383,838)	131,175
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)		(422,204)	(383,838)	(9,868,825)
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)	3,753,944	(14,559,366)	(33,989,895)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year		7,743,265	41,733,160	41,733,160
	19.2	End of period (Line 18 plus Line 19.1)		11,497,209	27,173,794	7,743,265

5