Tom Brown’s Second Curve Capital has disclosed a passive stake in First Acceptance Corporation (NYSE:FAC). A filing with the Securities and Exchange Commission shows that Second Curve Capital owns 2.18 million shares of the company, equivalent to 5.3% of common stock, up from 1.38 million shares held previously.
First Acceptance Corporation (NYSE:FAC) is a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. The company has a market cap of $94.7 million.
For the three months ended December 31, 2013, First Acceptance Corporation (NYSE:FAC) reported net income of $3.2 million, or $0.07 per share on a diluted basis, compared with net income of $0.1 million, or $0.00 per share on a diluted basis, in the same period in 2012. Net income for the year ended December 31, 2013, was $9.2 million, or $0.22 per share on a diluted basis, compared with net loss of $9.0 million, or $0.22 per share on a diluted basis, for the year ended December 31, 2012.
In addition to Second Curve Capital, another shareholder of First Acceptance Corporation (NYSE:FAC) is Jim Simons’ Renaissance Technologies, which owned 107,200 shares of the company in the latest round of 13F filings. Another investor Grt Capital Partners, managed by Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk, held around 86,400 shares.
According to Second Curve Capital’s latest 13F filing, NewStar Financial Inc (NASDAQ:NEWS) was the most valuable holding, in which the fund disclosed ownership of 4.94 million shares, worth $87.80 million. It is followed by Bank of America Corp. (NYSE:BAC), in which Second Curve Capital reported holding 8.86 million shares. Another important holding was Bancorp Inc (NASDAQ:TBBK), in which the fund disclosed holding 2.76 million shares.