EXHIBIT 99

First Acceptance Corporation Reports Operating Results for the Third Quarter and Nine Months Ended March 31, 2011

NASHVILLE, TN, May 9, 2011 — First Acceptance Corporation (NYSE: FAC) today reported its financial results for the third quarter and nine months ended March 31, 2011 of its fiscal year ending June 30, 2011.

Operating Results

     Revenues for the three months ended March 31, 2011 were $52.8 million, compared with $56.1 million for the same period in fiscal year 2010. Loss before income taxes for the three months ended March 31, 2011 was $1.9 million, compared with income before income taxes of $2.2 million in the same period in fiscal year 2010. Net loss for the three months ended March 31, 2011 was $1.6 million, or $0.03 per share on a diluted basis, compared with net income of $2.1 million, or $0.04 per share on a diluted basis, for the same period in fiscal year 2010.

     Revenues for the nine months ended March 31, 2011 were $157.6 million, compared with $167.2 million for the same period in fiscal year 2010. Loss before income taxes for the nine months ended March 31, 2011 was $3.4 million, compared with income before income taxes of $6.6 million in the same period in fiscal year 2010. Net loss for the nine months ended March 31, 2011 was $3.3 million, or $0.07 per share on a diluted basis, compared with net income of $6.3 million, or $0.13 per share on a diluted basis, for the same period in fiscal year 2010.

     The results for the three and nine months ended March 31, 2011 include charges of $1.7 million, or $0.04 per share on a diluted basis, incurred in connection with the separation of certain executive officers during March 2011, and is comprised of $1.3 million in accrued severance and benefits and a $0.4 million non-cash charge related to the vesting of certain stock awards.

     Premiums earned for the three months ended March 31, 2011 were $43.4 million, compared with $46.7 million for the same period in fiscal year 2010. Premiums earned for the nine months ended March 31, 2011 were $129.9 million, compared with $140.3 million for the same period in fiscal year 2010. The decreases in premiums earned were primarily due to a decline in the number of policies in force (“PIF”) from 169,603 at March 31, 2010 to 160,588 at March 31, 2011, which was impacted by the closure of underperforming stores. At March 31, 2011, we operated 385 stores, compared with 405 stores at March 31, 2010. Premiums earned were also negatively impacted by an increase in the percentage of PIF with liability-only coverage. Although the number of PIF sold through our open stores decreased from 160,296 at March 31, 2010 to 156,635 at March 31, 2011, for those policies quoted, we have experienced a higher close ratio for the three and nine months ended March 31, 2011 compared with the same periods in the prior year.

     Loss and Loss Adjustment Expense Ratio. The loss and loss adjustment expense ratio was 72.7 percent for the three months ended March 31, 2011, compared with 68.4 percent for the three months ended March 31, 2010. The loss and loss adjustment expense ratio was 74.6 percent for the nine months ended March 31, 2011 compared with 67.6 percent for the nine months ended March 31, 2010. We experienced favorable development related to prior periods of $0.6

million for the three months ended March 31, 2011, compared with $4.1 million for the three months ended March 31, 2010. For the nine months ended March 31, 2011, we experienced unfavorable development related to prior periods of $0.4 million, compared with favorable development of $10.2 million for the nine months ended March 31, 2010. The favorable development for the three months ended March 31, 2011 was primarily due to lower than anticipated paid severity on accidents occurring during the first six months of calendar year 2010. The lower than anticipated paid severity was primarily related to bodily injury and physical damage coverages in Georgia.

     Excluding the development related to prior periods, the loss and loss adjustment expense ratios for the three months ended March 31, 2011 and 2010 were 74.1 percent and 77.2 percent, respectively. Excluding the development related to prior periods, the loss and loss adjustment expense ratios for the nine months ended March 31, 2011 and 2010 were 74.4 percent and 74.9 percent, respectively. The decrease for the three months ended March 31, 2011 compared with the same period in the prior year was primarily due to lower than anticipated frequency of accidents in our property and physical damage coverages. The three and nine months ended March 31, 2011 were both impacted by higher loss adjustment expense resulting from (i) the increase in the percentage of claims related to liability-only coverage policies and (ii) increased investigative efforts with regards to no-fault claims in Florida.

     We are in the process of implementing a new multivariate pricing program in all states in which we operate. We believe that this new pricing program will provide us with greater pricing segmentation and improve our pricing relative to the risk we are insuring. As of March 31, 2011, approximately 16 percent of our PIF have been underwritten using this new pricing program, which has been implemented in six of the twelve states in which we operate.

     Expense Ratio. The expense ratio was 31.1 percent for the three months ended March 31, 2011, compared with 27.1 percent for the three months ended March 31, 2010. The expense ratio was 27.8 percent for the nine months ended March 31, 2011, compared with 27.1 percent for the same period in the prior fiscal year. Excluding the severance and related benefits charges of $1.3 million incurred in connection with the separation of certain executive officers during March 2011, the expense ratios for the three and nine months ended March 31, 2011 were 28.0 percent and 26.8 percent, respectively, compared to 27.1 percent for both periods in the prior fiscal year. This increase for the three months ended March 31, 2011 compared with the same period in the prior year was primarily due to the decrease in premiums earned.

     Combined Ratio. The combined ratio was 103.8 percent for the three months ended March 31, 2011, compared with 95.5 percent for the same period in fiscal year 2010. The combined ratio was 102.4 percent for the nine months ended March 31, 2011, compared with 94.7 percent for the same period in fiscal year 2010. Excluding the severance and related benefits charges noted above, the combined ratios for the three and nine months ended March 31, 2011 were 100.7 percent and 101.4 percent, respectively.

About First Acceptance Corporation

     Our primary focus is the selling, servicing and underwriting of non-standard personal automobile insurance products underwritten by us as well as certain commissionable ancillary products, primarily through employee-agents. In certain states, our employee-agents also sell other complementary insurance products underwritten by us. At March 31, 2011, we leased and operated 385 retail offices in 12 states. Our insurance company subsidiaries are licensed to do business in 25 states. Additional information about First Acceptance Corporation can be found online at www.firstacceptancecorp.com.

     This press release contains forward-looking statements. These statements, which have been included in reliance on the “safe harbor” provisions of the federal securities laws, involve risks and uncertainties. Investors are hereby cautioned that these statements may be affected by important factors, including, among others, the factors set forth under the caption “Risk Factors” in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended June 30, 2010 and in our other filings with the Securities and Exchange Commission. Actual operations and results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)

		Three Months Ended								Nine Months Ended
		March 31,								March 31,
		2011				2010				2011				2010
Revenues:
Premiums earned		$	43,444			$	46,651			$	129,898			$	140,317
Commission and fee income			7,443				7,471				21,784				21,391
Investment income			1,991				2,008				6,252				5,954
Net realized losses on investments, available-for-sale			(78	)			(14	)			(334	)			(459	)
			52,800				56,116				157,600				167,203
Costs and expenses:
Losses and loss adjustment expenses			31,586				31,902				96,981				94,926
Insurance operating expenses			20,963				20,125				57,864				59,406
Other operating expenses			307				280				985				1,303
Litigation settlement			(1	)			(35	)			(6	)			(314	)
Stock-based compensation			549				198				914				853
Depreciation and amortization			338				483				1,279				1,447
Interest expense			968				970				2,950				2,951
			54,710				53,923				160,967				160,572
Income (loss) before income taxes			(1,910	)			2,193				(3,367	)			6,631
Provision (benefit) for income taxes			(302	)			124				(61	)			327
Net income (loss)		$	(1,608	)		$	2,069			$	(3,306	)		$	6,304
Net income (loss) per share:
Basic and diluted		$	(0.03	)		$	0.04			$	(0.07	)		$	0.13
Number of shares used to calculate net income (loss) per share:
Basic			48,192				47,994				48,125				47,943
Diluted			48,192				48,489				48,125				48,395

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except per share data)

		March 31,				June 30,
		2011				2010
		(Unaudited)
ASSETS
Investments, available-for-sale at fair value (amortized cost of $175,735 and $187,907, respectively)		$	184,281			$	196,550
Cash and cash equivalents			34,073				26,184
Premiums and fees receivable, net of allowance of $354 and $418			49,369				41,276
Other assets			8,219				8,733
Property and equipment, net			2,636				3,524
Deferred acquisition costs			4,062				3,623
Goodwill			70,092				70,092
Identifiable intangible assets			6,360				6,360
TOTAL ASSETS		$	359,092			$	356,342
LIABILITIES AND STOCKHOLDERS’ EQUITY
Loss and loss adjustment expense reserves		$	69,429			$	73,198
Unearned premiums and fees			61,064				52,563
Debentures payable			41,240				41,240
Other liabilities			12,728				12,151
Total liabilities			184,461				179,152
Stockholders’ equity:
Preferred stock, $.01 par value, 10,000 shares authorized			—				—
Common stock, $.01 par value, 75,000 shares authorized; 48,477 and 48,509 shares issued and outstanding, respectively			485				485
Additional paid-in capital			466,675				465,831
Accumulated other comprehensive income			8,546				8,643
Accumulated deficit			(301,075	)			(297,769	)
Total stockholders’ equity			174,631				177,190
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	359,092			$	356,342

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES
Supplemental Data
(Unaudited)

PREMIUMS EARNED BY STATE

		Three Months Ended								Nine Months Ended
		March 31,								March 31,
		2011				2010				2011				2010
Premiums earned:
Georgia		$	9,440			$	9,918			$	28,376			$	30,780
Texas			5,891				6,233				17,508				17,858
Illinois			5,707				6,076				17,287				18,482
Florida			4,824				5,307				14,270				15,502
Alabama			4,174				4,727				12,686				14,645
Ohio			3,472				3,223				9,962				9,085
Tennessee			2,700				2,925				7,994				8,883
South Carolina			2,469				2,847				7,320				8,712
Pennsylvania			2,248				2,569				6,967				7,998
Indiana			1,144				1,266				3,410				3,699
Missouri			724				834				2,146				2,443
Mississippi			651				726				1,972				2,230
Total premiums earned		$	43,444			$	46,651			$	129,898			$	140,317

COMBINED RATIOS (INSURANCE OPERATIONS)

		Three Months Ended								Nine Months Ended
		March 31,								March 31,
		2011				2010				2011				2010
Loss and loss adjustment expense			72.7	%			68.4	%			74.6	%			67.6	%
Expense			31.1	%			27.1	%			27.8	%			27.1	%
Combined			103.8	%			95.5	%			102.4	%			94.7	%

     Excluding the severance and related benefits charges incurred in connection with the separation of certain executive officers of $1.3 million during March 2011, the expense ratios for the three and nine months ended March 31, 2011 were 28.0% and 26.8%, respectively, and the combined ratios for the three and nine months ended March 31, 2011 were 100.7% and 101.4%, respectively.

POLICIES IN FORCE

		Three Months Ended								Nine Months Ended
		March 31,								March 31,
		2011				2010				2011				2010
Policies in force — beginning of period			144,582				147,090				154,655				158,222
Net increase during period			16,006				22,513				5,933				11,381
Policies in force — end of period			160,588				169,603				160,588				169,603

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES
Supplemental Data (continued)
(Unaudited)

POLICIES IN FORCE (continued)

     The following tables present total PIF for the insurance operations segregated by policies that were sold through our open and closed retail locations as well as our independent agents. For our retail locations, PIF are further segregated by (i) new and renewal and (ii) liability-only or full coverage. New policies are defined as those policies issued to both first-time customers and customers who have reinstated a lapsed or cancelled policy. Renewal policies are those policies which renewed after completing their full uninterrupted policy term. Liability-only policies are defined as those policies including only bodily injury (or no-fault) and property damage coverages, which are the required coverages in most states. For comparative purposes, the PIF data with respect to closed retail locations for each of the periods presented below includes all retail locations closed as of March 31, 2011.

		March 31,
		2011				2010
Retail locations:
Open retail locations:
New			78,931				83,074
Renewal			77,704				77,222
			156,635				160,296
Closed retail locations:
New			404				2,845
Renewal			2,388				4,015
			2,792				6,860
Independent agents			1,161				2,447
Total policies in force			160,588				169,603

		March 31,
		2011				2010
Retail locations:
Open retail locations:
Liability-only			95,408				96,828
Full coverage			61,227				63,468
			156,635				160,296
Closed retail locations:
Liability-only			1,674				4,368
Full coverage			1,118				2,492
			2,792				6,860
Independent agents			1,161				2,447
Total policies in force			160,588				169,603

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES
Supplemental Data (continued)
(Unaudited)

NUMBER OF RETAIL LOCATIONS

     Retail location counts are based upon the date that a location commenced or ceased writing business.

		Three Months Ended								Nine Months Ended
		March 31,								March 31,
		2011				2010				2011				2010
Retail locations — beginning of period			393				409				394				418
Opened			—				—				1				—
Closed			(8	)			(4	)			(10	)			(13	)
Retail locations — end of period			385				405				385				405

RETAIL LOCATIONS BY STATE

		March 31,								December 31,								June 30,
		2011				2010				2010				2009				2010				2009
Alabama			24				25				25				25				25				25
Florida			31				34				31				34				31				39
Georgia			60				61				60				61				60				61
Illinois			68				75				73				76				74				78
Indiana			17				18				17				18				17				18
Mississippi			8				8				8				8				8				8
Missouri			12				12				12				12				12				12
Ohio			27				27				27				27				27				27
Pennsylvania			16				17				16				17				16				17
South Carolina			26				26				26				27				26				27
Tennessee			20				19				20				19				19				20
Texas			76				83				78				85				79				86
Total			385				405				393				409				394				418

SOURCE: First Acceptance Corporation

INVESTOR RELATIONS CONTACT:
Michael J. Bodayle
615.844.2885