Exhibit 99

First Acceptance Corporation Reports Operating Results for the Three and Six Month Periods Ended June 30, 2012

NASHVILLE, TN, August 7, 2012 — First Acceptance Corporation (NYSE: FAC) today reported its financial results for the three and six month periods ended June 30, 2012.

Operating Results

Revenues for the three months ended June 30, 2012 were $57.9 million, compared with $53.1 million for the same period in the prior year. Loss before income taxes for the three months ended June 30, 2012 was $4.5 million, compared with loss before income taxes of $53.2 million for the same period in the prior year. The loss before income taxes for the three months ended June 30, 2011 included a goodwill and intangible assets impairment charge of $52.4 million, or $1.09 per share on a diluted basis. Net loss for the three months ended June 30, 2012 was $4.2 million, or $0.10 per share on a basic and diluted basis, compared with net loss of $53.5 million, or $1.11 per share on a basic and diluted basis, for the same period in the prior year.

Revenues for the six months ended June 30, 2012 were $113.4 million, compared with $105.9 million for the same period in the prior year. Loss before income taxes for the six months ended June 30, 2012 was $12.6 million, compared with loss before income taxes of $55.1 million for the same period in the prior year. The loss before income taxes for the six months ended June 30, 2011 included a goodwill and intangible assets impairment charge of $52.4 million, or $1.09 per share on a diluted basis. Net loss for the six months ended June 30, 2012 was $12.4 million, or $0.30 per share on a basic and diluted basis, compared with net loss of $55.1 million, or $1.14 per share on a basic and diluted basis, for the same period in the prior year.

Premiums earned for the three months ended June 30, 2012 were $47.7 million, compared with $43.1 million for the same period in the prior year. Premiums earned for the six months ended June 30, 2012 were $93.1 million, compared with $86.6 million for the same period in the prior year. This improvement was primarily due to an increase in the number of policies in force (“PIF”) from 144,410 at June 30, 2011 to 157,795 at June 30, 2012, which we attribute to our continued sales, marketing, customer interaction and product initiatives. In addition, we experienced increases in both new policies sold during the most recent quarter and six-month period on a year-over-year basis and the number of PIF at June 30, 2012 compared to December 31, 2011. For those policies quoted, we continue to experience a higher close ratio for the quarter and six-month period ended June 30, 2012 compared with the same periods in the prior year.

Loss and Loss Adjustment Expense Ratio. The loss and loss adjustment expense ratio was 83.3 percent for the three months ended June 30, 2012, compared with 74.6 percent for the three months ended June 30, 2011. The loss and loss adjustment expense ratio was 84.4 percent for the six months ended June 30, 2012, compared with 73.6 percent for the six months ended June 30, 2011. We experienced unfavorable development related to prior fiscal years of $0.8 million for the three months ended June 30, 2012, compared with favorable development of $2.1 million for the three months ended June 30, 2011. For the six months ended June 30, 2012, we experienced unfavorable development related to prior fiscal years of $4.0 million, compared with favorable development of $2.7 million for the six months ended June 30, 2011. The unfavorable development for the three and six months ended June 30, 2012 was primarily due to adverse trends in bodily injury claims for recent accident years.

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Excluding the development related to prior periods, the loss and loss adjustment expense ratios for the three months ended June 30, 2012 and 2011 were 81.5 percent and 79.5 percent, respectively. Excluding the development related to prior periods, the loss and loss adjustment expense ratios for the six months ended June 30, 2012 and 2011 were 80.1 percent and 76.8 percent, respectively. The year-over-year increase in the loss and loss adjustment expense ratio was primarily due to higher loss and loss adjustment expense driven by an increase in frequency across most coverages.

In December 2011, we completed the process of implementing new scored pricing programs. We believe these new scored pricing programs provide us with greater pricing segmentation and improve our pricing relative to the risk we are insuring. Currently, approximately 66 percent of our PIF have been underwritten using these new scored pricing programs.

We perform state-by-state reviews of all insurance pricing programs on a quarterly basis and alter rates as we believe necessary. In response to the increases in our loss ratio during recent quarters, we implemented rate increases on most of our non-scored pricing programs during the first quarter. In addition, we recently implemented rate increases for our scored pricing programs in most states. The full benefit of these rate actions will not be fully realized until all customers renew their policies under the new rates, typically six months from the date of rate change implementation.

Expense Ratio. The expense ratio was 25.8 percent for the three months ended June 30, 2012, compared with 28.4 percent for the three months ended June 30, 2011. The expense ratio was 28.8 percent for the six months ended June 30, 2012, compared with 29.8 percent for the six months ended June 30, 2011. 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 ratio for the six months ended June 30, 2011 was 28.2 percent, compared to 28.8 percent for the six months ended June 30, 2012.

Combined Ratio. The combined ratio was 109.1 percent for the three months ended June 30, 2012, compared with 103.0 percent for the same period in the prior year. For the six months ended June 30, 2012, the combined ratio was 113.2 percent, compared with 103.4 percent for the same period in the prior year. Excluding the severance and related benefits charges noted above, the combined ratio for the six months ended June 30, 2011 was 101.9 percent.

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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 June 30, 2012, we leased and operated 369 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 able to complete the entire sales process at the local retail office, over the phone and through our website. 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 acceptanceinsurance.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 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.

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FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

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FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except per share data)

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FIRST ACCEPTANCE CORPORATION AND SUBSIDIARIES

Supplemental Data

(Unaudited)

PREMIUMS EARNED BY STATE

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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 June 30, 2012.

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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

SOURCE: First Acceptance Corporation

INVESTOR RELATIONS CONTACT:

Michael J. Bodayle

615.844.2885

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