Gerald Ford, the Texas-based investor who controls about 30 percent of Green Hills-based First Acceptance and chairs its board, has told his fellow directors at the auto insurer he will not stand for re-election next month. Ford, 67, is sits on the boards of Southern Methodist University and Freeport-McMoRan, among others. Who, if anyone, will be nominated to take his place isn't clear; First Acceptance should file its proxy statement any day.
Citing worsening underwriting results that haven't been helped by this spring's storms, the analysts at A.M. Best have lowered their outlook for the credit ratings of the Tennessee Farmers Insurance group. Perhaps more worryingly, the analysts also say Columbia-based Farmers' core book of auto policies is suffering a bit at the hands of competitors.
Nissan today provided an update on its Japanese operations following the natural disaster that has rocked the Asian country.
The company said it has suspended operations at four plants until March 20. Two of its facilities will resume operations tomorrow and Friday, while inventory supplies last. The company's JATCO's Fuji Plant and Fujinomiya Plant, which manufactures transmissions, have reported partial damage to its buildings and equipment and operations have been suspended while damage is assessed.
As for its vehicle stock, Nissan said nearly 70 percent of the vehicles Nissan Americas sells are produced in the region and manufacturing operations will operate on a normal schedule and, due to a 50-day supply of vehicle stock on the ground or already in transit from Japan, it does not anticipate any near-term impact on sales or vehicle availability.
Click here for the full release from Nissan, which includes details on the company's relief efforts.
POSTDATA: WARRANTY DEEDS