Atlas Financial Holdings, Inc. (AFH) (“Atlas” or the “Company”) today stated that additional time is needed for the Company to complete its Annual Report on Form 10-K for the fiscal year ended December 31, 2018. The Company previously filed Form 12b-25 to extend the filing deadline for its Form 10-K filing by an additional 15 calendar days. The Company’s outside independent auditors RSM US LLP advise that they will require additional time to complete their work. Accordingly, the Company expects a further delay in filing its Form 10-K beyond the additional 15 calendar days provided by the Form 12b-25 filing. The Company will continue to work with its auditors with the objective of filing its Form 10-K as soon as practicable.
The Company is exploring strategic alternatives, including, but not limited to, further strengthening its processes, reviewing its capital allocation and opportunities, a potential sale of the Company or certain assets, and balance sheet strengthening options. As previously announced, the Company is engaging industry specialists with a range of expertise, including an investment banking advisor as well as a global reinsurance intermediary. Management and the Company’s Board of Directors have formed a Special Committee of independent Directors that will examine the conclusions and recommendations of this work and provide an update by mid-year. The Company does not intend to make any further statements regarding this process until this mid-year update is provided.
The primary business of Atlas is commercial automobile insurance in the United States, with a niche market orientation and focus on insurance for the “light” commercial automobile sector including taxi cabs, non-emergency para-transit, limousine/livery (including certain transportation network company drivers) and business auto. The business of Atlas is carried on through its subsidiaries American Country Insurance Company, American Service Insurance Company, Inc., Gateway Insurance Company, Global Liberty Insurance Company of New York, Anchor Group Management, Inc., and optOn Insurance Agency Inc. Atlas’ insurance subsidiaries have decades of experience with a commitment to always being an industry leader in these specialized areas of insurance.
For more information about Atlas, please visit www.atlas-fin.com.
This release includes forward-looking statements regarding Atlas and its insurance subsidiaries and businesses. Such statements are based on the current expectations of the management of each entity. The words “anticipate,” “expect,” “believe,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or similar words are used to identify such forward looking information. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Companies, including risks regarding the insurance industry, economic factors and the equity markets generally and the risk factors discussed in the “Risk Factors” section of the Company’s 2017 Annual Report on Form 10-K. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Atlas and its subsidiaries undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.