First Acceptance Q4 operating profit down slightly

First Acceptance posted an operating profit of nearly $3.1 million in the fourth quarter, down slightly from the last three months of 2013. (Net income was helped big time by a $20 million tax benefit thanks to 10 consecutive quarters in the black.) Total premiums rose nicely to $56.3 million from $48.7 million but losses also rose substantially, with the loss ratio climbing to 74.5 percent from 70 percent. The company made that up on the expense side, though, and CEO Joe Borbely says his team early this year began writing policies in Virginia, First Acceptance's 13th state.

Check out the company's full set of numbers here. First Acceptance shares (Ticker: FAC) were changing hands at $2.40 in midday trading Thursday. So far this year, they've fallen about 5 percent.

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