Atlas Financial Holdings, Inc. Provides Unaudited Preliminary Earnings Guidance for the Fourth Quarter and Year Ended December 31, 2016
February 22, 2017 at 04:05 pm EST
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Atlas Financial Holdings, Inc. provided unaudited preliminary earnings guidance for the fourth quarter and year ended December 31, 2016. Net income will be approximately $17 million for the fourth quarter and year ended December 31, 2016. The company performed a comprehensive review of its reserves as a result of changing loss payment trends identified through year-end actuarial work, and ultimately decided that it was appropriate to strengthen reserves at this time.
Gross written premium generated by the company for the full year ended December 31, 2016 grew year over year by 7.6% to $225.1 million, of which Michigan business represented $9 million of the full year premium. Based on preliminary unaudited financial results, the company anticipates book value to be in the range of $10.35 to $10.55 per common share diluted as at December 31, 2016, as compared to $10.15 at December 31, 2015, which includes modest income for the year after this reserve adjustment.
Atlas Financial Holdings, Inc. is a financial service holding company. The Companyâs primary business is generating, underwriting and servicing commercial automobile insurance policies in the United States. The Company focuses on a managing general agency (MGA) strategy, primarily through its wholly owned subsidiary, Anchor Group Management, Inc. (AGMI). AGMI focuses on a niche market orientation for the light commercial automobile sector. This sector includes taxi cabs, limousines, livery, full-time transportation network companies (TNC) drivers/operators, and other specialty commercial auto operators. Automobile insurance products provide insurance coverage in three major areas: liability, accident benefits and physical damage. The Company operates in one business segment: the Managing General Agency segment. The Companyâs subsidiaries include UBI Holdings Inc. (UBI Holdings), optOn Digital IP Inc. (OOIP) and optOn Insurance Agency Inc.