First Acceptance Adds Three New Board Members

First Acceptance Corporation, Nashville-based retailer, service provider and underwriter of non-standard personal automobile insurance, has announced the election of three new members to the company’s board of directors. Named as new board members were Rhodes R. Bobbitt, 59, of Dallas, TX, Ambassador Lyndon L. Olson, Jr., 56, of Waco, TX, and William A. Shipp, Jr., 52, of Nashville, TN.

In another announcement, First Acceptance Corporation said that its operating results for the fiscal year ended June 30, 2004, will be reported on or before Sept. 30, 2004.

Steve Harrison, president and CEO of First Acceptance Corporation, said the election of “these distinguished business leaders clearly illustrates our commitment to build a solid and highly experienced board of directors. These gentlemen bring excellent financial and insurance credentials to First Acceptance Corporation and we look forward to their contributions,” Harrison noted.

Bobbitt is a retired Managing Director and Dallas Regional Office Manager of the Private Client Service Group – Credit Suisse First Boston / Donaldson, Lufkin & Jenrette. Prior to assuming this post, he was Vice President of Security Sales in the Dallas office of Goldman Sachs & Co. Bobbitt has a BBA degree from the University of Texas at Austin and a J.D. degree from the Southern Methodist University School of Law.

Olson, formerly United States Ambassador to Sweden from 1998 – 2001, has an extensive career in the insurance industry, including service as chairman of the Texas State Board of Insurance and president of the National Association of Insurance Commissioners. He is presently a senior advisor to Citigroup Inc., serving as a consultant to senior management on a wide range of subjects, including insurance and reinsurance matters, international trade, regulatory issues and government affairs. Prior to his current post, Olson served with Citigroup from 1990 – 1998 as president and CEO of Travelers Insurance Holdings and the Associated Madison Companies, predecessor companies. Before joining Citigroup, he had been president of the National Group Corporation and CEO of its National Group Insurance Company.

Shipp, a C.P.A., is principal of W.A. Shipp, Jr. & Co., a financial advisory firm, and treasurer of the Jack C. Massey Foundation. He has more than 29 years of experience in various financial and investment capacities. Prior to assuming his present duties, Shipp served as vice president of Massey Investment Company for more than eleven years, and in various audit and tax capacities for Ernst & Young for more than eight years. He received his BS degree in Accounting and his MBA degree from the University of Tennessee.