Exhibit 99.1

First Acceptance Corporation Reports Operating Results for the Three and Six Month Periods Ended December 31, 2011

NASHVILLE, TN, February 29, 2012 — First Acceptance Corporation (NYSE: FAC) today reported its financial results for the three and six month periods ended December 31, 2011.

Operating Results

Revenues for the three months ended December 31, 2011 were $49.1 million, compared with $51.7 million for the three months ended December 31, 2010. Loss before income taxes for the three months ended December 31, 2011 was $25.7 million, compared with loss before income taxes of $2.0 million for the three months ended December 31, 2010. The loss before income taxes for the three months ended December 31, 2011 included a goodwill impairment charge of $21.1 million, or $0.45 per share on a diluted basis, and unfavorable development of $4.6 million for losses occurring in prior periods. Net loss for the three months ended December 31, 2011 was $25.7 million, or $0.55 per share on a diluted basis, compared with net loss of $2.1 million, or $0.04 per share on a diluted basis, for the three months ended December 31, 2010.

Revenues for the six months ended December 31, 2011 were $99.1 million, compared with $104.8 million for the six months ended December 31, 2010. Loss before income taxes for the six months ended December 31, 2011 was $29.3 million, compared with loss before income taxes of $1.5 million for the six months ended December 31, 2010. The loss before income taxes for the six months ended December 31, 2011 included a goodwill impairment charge of $21.1 million, or $0.45 per share on a diluted basis, and unfavorable development of $5.6 million for losses occurring in prior periods. Net loss for the six months ended December 31, 2011 was $29.4 million, or $0.62 per share on a diluted basis, compared with net loss of $1.7 million, or $0.04 per share on a diluted basis, for six months ended December 31, 2010.

1

Premiums earned for the three months ended December 31, 2011 were $40.1 million, compared with $42.5 million for the three months ended December 31, 2010. Premiums earned for the six months ended December 31, 2011 were $80.6 million, compared with $86.5 million for the six months ended December 31, 2010. The decreases in premiums earned were primarily due to a decline in the number of policies in force (“PIF”) from 144,582 at December 31, 2010 to 141,862 at December 31, 2011, which was impacted by the closure of underperforming stores. At December 31, 2011, we operated 382 stores, compared with 393 stores at December 31, 2010. Although the number of PIF sold through our open stores decreased from 139,187 at December 31, 2010 to 137,842 at December 31, 2011, for those policies quoted, we continue to experience a higher close ratio for the three and six months ended December 31, 2011 compared with the same periods in the prior year. In addition, we experienced increases in both new policies sold during the most recent quarter on a year-over-year basis and the number of PIF at December 31, 2011 compared to September 30, 2011.

Goodwill Impairment. As a result of the adverse impact of operating losses, the decline in our common stock trading prices, and the negotiated price of separate stock transactions with former executive officers that represented a significant percentage of our shares outstanding, during the most recent quarter, we recorded a non-cash, pre-tax goodwill impairment charge of $21.1 million in the second quarter of the six months ended December 31, 2011. This impairment charge resulted in no remaining goodwill on our consolidated balance sheet. We are required to perform periodic impairment tests of our goodwill and intangible assets. The goodwill impairment test is a two-step process that requires us to make judgments in determining what assumptions to use in the calculation. The first step of the process consists of estimating the fair value of each reporting unit based on valuation techniques, including a discounted cash flow model using revenue and profit forecasts and recent industry transaction and trading multiples of our peers, and comparing those estimated fair values with the carrying values of the assets and liabilities of the reporting unit, which includes the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of the “implied fair value” of goodwill of a reporting unit requires us to allocate the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit. Any unallocated fair value represents the “implied fair value” of goodwill, which is compared to its corresponding carrying value. Management does not believe that this non-cash impairment charge will have a materially adverse impact on the continuing operations, liquidity, or statutory surplus of the Company.

Loss and Loss Adjustment Expense Ratio. The loss and loss adjustment expense ratio was 81.0 percent for the three months ended December 31, 2011, compared with 78.4 percent for the three months ended December 31, 2010. The loss and loss adjustment expense ratio was 81.5 percent for the six months ended December 31, 2011 compared with 75.6 percent for the six months ended December 31, 2010. We experienced unfavorable development related to prior periods of $4.6 million for the three months ended December 31, 2011, compared with $3.1 million for the three months ended December 31, 2010. For the six months ended December 31, 2011, we experienced unfavorable development related to prior periods of $5.6 million, compared with unfavorable development of $1.0 million for the six months ended December 31, 2010. The unfavorable development for the three and six months ended December 31, 2011 was primarily related to the strengthening of loss adjustment expense reserves for prior accident periods and included amounts related to the settlement of claims for extra-contractual damages.

2

Excluding the unfavorable development related to prior periods, the loss and loss adjustment expense ratio was 74.6 percent and 74.5 percent for the six months ended December 31, 2011 and 2010, respectively.

In December 2011, we completed the process of implementing a new multivariate pricing program. We believe this new pricing program provides us with greater pricing segmentation and improves our pricing relative to the risk we are insuring. Currently, approximately 50 percent of our PIF have been underwritten using this new pricing program.

Expense Ratio. The expense ratio was 30.5 percent for the three months ended December 31, 2011, compared with 26.6 percent for the three months ended December 31, 2010. The expense ratio was 29.0 percent for the six months ended December 31, 2011, compared with 26.1 percent for the six months ended December 31, 2010. The year-over-year increase in the expense ratio was primarily due to the decrease in premiums earned and a higher percentage of fixed expenses in our retail operations (such as rent and base salary).

Combined Ratio. The combined ratio was 111.5 percent for the three months ended December 31, 2011, compared with 105.0 percent for the for the three months ended December 31, 2010. The combined ratio was 110.5 percent for the six months ended December 31, 2011, compared with 101.7 percent for the six months ended December 31, 2010.

Change in Fiscal Year

As previously announced, on November 15, 2011, our Board of Directors approved a change in fiscal year end from June 30 to December 31, effective December 31, 2011. As a result of this change, a transition report on Form 10-K has been filed for the six-month transition period from July 1, 2011 to December 31, 2011.

About First Acceptance Corporation

We are a retailer, servicer and underwriter of non-standard personal automobile insurance based in Nashville, Tennessee. We currently write non-standard personal automobile insurance in 12 states and are licensed as an insurer in 13 additional states. Non-standard personal automobile insurance is made available to individuals who are categorized as “non-standard” because of their inability or unwillingness to obtain standard insurance coverage due to various factors, including payment history, payment preference, failure in the past to maintain continuous insurance coverage, driving record and/or vehicle type, and in most instances who are required by law to buy a minimum amount of automobile insurance. At February 29, 2012, we leased and operated 378 retail locations, staffed with employee-agents. Our employee-agents primarily sell non-standard personal automobile insurance products underwritten by us, as well as certain commissionable ancillary products and other insurance products. We are currently able to complete the entire sales process over the phone or at the local retail office, and we anticipate having an expanded consumer-based website available by mid-2012. In select markets, we also sell our products through 13 retail locations operated by independent agents. Additional information about First Acceptance Corporation can be found online at www.acceptanceinsurance.com.

3

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 Transition Report on Form 10-K for the transition period from July 1, 2011 to December 31, 2011 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. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

4

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except per share data)

5

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except per share data)

6

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

Supplemental Data

(Unaudited)

PREMIUMS EARNED BY STATE

COMBINED RATIOS (INSURANCE OPERATIONS)

7

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 at December 31, 2011.

8

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.

RETAIL LOCATIONS BY STATE

9

FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

In the accompanying press release, the Company makes reference to loss before taxes, net loss and net loss per diluted share before certain reconciling items. These financial measures are not computed in accordance with United States generally accepted accounting principles, or GAAP. The Company believes that these non-GAAP financial measures, when presented in conjunction with the comparable GAAP financial measures, are useful to both management and investors in analyzing the Company’s ongoing business and operating performance for the three and six months ended December 31, 2011 and 2010. The Company believes that providing the non-GAAP financial measures to investors, in addition to the comparable GAAP financial measures, allow investors to view the Company’s financial results in the way management views the Company’s operating results. Management believes the non-GAAP financial measures are useful as a supplemental measure of the performance of the Company’s operations because they isolate the Company’s operating performance from the accounting impact of the goodwill impairment charge recognized during the quarter ended December 31, 2011. Management believes the non-GAAP financial measures should be considered in addition to, but not as a substitute for, the financial measures prepared in accordance with GAAP that are presented in the accompanying press release, as the items excluded in the presentation of the non-GAAP financial measures are significant components in understanding and assessing financial performance. A reconciliation of the non-GAAP financial measures to the nearest comparable GAAP financial measures is provided below. The non-GAAP financial measures, as presented, may not be comparable to similarly titled financial measures of other companies.

SOURCE: First Acceptance Corporation

INVESTOR RELATIONS CONTACT:

Michael J. Bodayle

615.844.2885

10