Atlas Financial Holdings Inc - AFHIF stock
OTC Symbol: AFHIF
About[edit]
Atlas Financial Holdings, Inc. (OTC: AFHIF) is a specialty commercial insurance company that operates primarily in the United States. The company provides insurance coverage to small businesses and other commercial entities that operate in niche markets, such as the taxi and limousine industry, as well as the passenger and transportation industries.[1]
Founded in 2005 and headquartered in Schaumburg, Illinois, Atlas Financial Holdings, Inc. offers a range of insurance products, including commercial automobile liability, physical damage and other commercial automobile-related insurance products. The company's insurance policies are designed to meet the unique needs of its clients and provide protection against the risks associated with operating commercial vehicles.[1]
In recent years, Atlas Financial Holdings, Inc. has faced a number of financial challenges, including declining revenues and increased losses. As a result, the company has undertaken a series of restructuring efforts to improve its financial performance, including divesting certain lines of business and reducing its overall expenses.[1]
Overall, Atlas Financial Holdings, Inc. is a specialized insurance company that provides coverage to small businesses and other commercial entities in niche markets. While the company has faced financial challenges in recent years, it continues to operate and provide insurance services to its clients.[1]
Credit Facility and Business Update[edit]
According to a news release from BusinessWire dated June 15, 2022, Atlas Financial Holdings, Inc. announced the expansion of its existing credit facility to $20 million, which is intended to provide the company with additional liquidity to support its ongoing business operations.[2]
In addition to the credit facility expansion, the company provided an update on its recent business performance. The update noted that Atlas Financial Holdings, Inc. has continued to focus on its core insurance business lines, including its taxi and limousine insurance products. The company also reported that it has taken steps to reduce its operating expenses, including the consolidation of certain business operations and the streamlining of its organizational structure.[2]
The news release also reported that the company has experienced a decline in its overall premium writings, which has contributed to a decline in its revenues. However, the company noted that it has implemented rate increases to improve its underwriting margins, and it expects to see improvements in its financial performance in the second half of 2022.[2]
Overall, the news release suggests that Atlas Financial Holdings, Inc. is taking steps to address its financial challenges and improve its performance, including through the expansion of its credit facility and the implementation of cost-saving measures. However, the company continues to face challenges related to declining premium writings and revenues.[2]
Financial Restructuring[edit]
On 9/1/2021 Atlas (OTC: AFHIF) announced a financial restructuring which it expects to extend the maturity on the Company’s 6.625% Senior Unsecured Notes due April 26, 2022.[3]
Financial Performance[edit]
On 4/1/2022 the company announced that audited 2021 financial statements had been filed with the Securities and Exchange Commission. President and CEO Scott Wolney stated, "Much of our focus in 2021 was the conclusion of legacy issues related to our strategic reorganization. In Financial Performance2022 and beyond, we are focused on growth and business expansion. We continue to see encouraging signs of recovery with an increased demand for rides and a related improvement in driver supply." According to the news release, net loss from operations was $5.8 million, or -$0.45 per share, compared to a net loss of $13.0 million in 2020 and -$1.08 per share.[4]
- ↑ 1.0 1.1 1.2 1.3 atlas-fin.com. Investor Relations. Retrieved on 4/11/2023.
- ↑ 2.0 2.1 2.2 2.3 businesswire. Atlas Financial Holdings Announces Expansion of Credit Facility and Provides Business Update. June 15, 2022.
- ↑ TMCnet.com. Atlas Financial Holdings Provides Bond Exchange Update. March 01, 2022.
- ↑ Yahoo News. Atlas Financial Holdings Announces Audited Year-End 2021 Financial Results. April 1, 2022
