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Atlas Financial Holdings, Inc. (NASDAQ: AFH) ("Atlas" or the "Company") today announced that A.M. Best Co. affirmed the financial strength rating of Atlas’ operating subsidiaries American Country Insurance Company (“ACIC”), American Service Insurance Company, Inc. (“ASI”) and Gateway Insurance Company (“GIC”) as “B”. All three companies are members of the American Service Pool. The outlook assigned to all ratings is “Stable”.
“We are pleased that A.M. Best continues to recognize the progress we have made with respect to the strategic re-focusing of our operating insurance subsidiaries,” said Scott D. Wollney, President and CEO of Atlas. “We remain committed to maintaining an informative dialogue with A.M. Best Company as we continue to execute our business strategy.”
A.M. Best Co. also affirmed the issuer credit ratings (“ICR”) of ACIC, ASI and GIC as “bb”, and affirmed Atlas’ ICR as “b-”. The outlook assigned to these ratings is “Stable”.
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 paratransit, limousine/livery and business auto. The business of Atlas is carried on through its insurance subsidiaries American Country Insurance Company, American Service Insurance Company, Inc. and Gateway Insurance Company. Atlas' insurance subsidiaries have decades of experience with a commitment to always being an industry leader in these specialized areas of insurance.
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Atlas' financial statements reflect consolidated results of Atlas' subsidiaries: American Insurance Acquisition Inc., American Country Insurance Company, American Service Insurance Company, Inc. and Gateway Insurance Company, Inc. Additional information about Atlas, including a copy of Atlas' 2012 Form 10-K financial statements and most recent 10-Q and Management Discussion & Analysis, can be accessed via the U.S. Securities and Exchange Commission internet site at
www.sec.gov or through Atlas' website at
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 2012 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.