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Atlas Financial Holdings, Inc., operating through its subsidiary Anchor Group Management, Inc., specializes in the development, underwriting, and administration of commercial automobile insurance policies throughout the United States. The company's diverse auto insurance offerings provide coverage in key areas such as liability, accident benefits, and physical damage. Its primary focus is on the light commercial vehicle sector, catering to a range of businesses including taxi services, non-emergency paratransit, limousines, livery companies, and general business automobiles. These insurance…
CHICAGO--(BUSINESS WIRE)--Atlas Financial Holdings, Inc. (OTC: AFHIF) (“we,” “us,” “our,” “Atlas” or the “Company”), a specialty insurance business with a niche market focus on the “light” commercial automobile sector, reported today its unaudited financial results for the second quarter ended June 30, 2022. Scott D. Wollney, Atlas’ President and Chief Executive Officer, said, “Our second quarter 2022 results reflect continuing recovery seen in our target markets and ongoing cost control initiatives undertaken due to the impact of the COVID-19 pandemic on our business. Increased demand for rides and a related improvement in driver supply resulted in more vehicles being deployed in our target markets during the quarter. While these increases may have been tempered by continued high gas prices and availability of vehicles, we remain encouraged by a record number of monthly application counts since the COVID-19 pandemic impact. Commissions related to go-forward lines of business increased by more than 100% as compared to the same quarter last year.” Second Quarter 2022 Financial Performance Summary (all comparisons to Q2 2021) Commission income from go-forward taxi, livery and business auto production increased 101.6% to $635,000; Including legacy business the Company no longer writes, commission income decreased 64.3% to $639,000. Including legacy business the Company no longer writes, commission income decreased 64.3% to $639,000. Total revenue decreased 19.4% to $1.0 million for the three months ended June 30, 2022. AGMI operating expenses, as a component of overall other underwriting expenses, decreased 25% to $2.5 million. Loss from operating activities was $4.6 million compared to a loss from operating activities of $2.9 million. Net loss from continuing operations was $5.0 million, or $0.29 per common share diluted, in second quarter 2022 compared to net income from continuing operations of $660,000, or $0.06 earnings per common share diluted, in the same period last year. Net income from discontinued operations was $0, or $0.00 earnings per common share diluted, in second quarter 2022 compared to net loss from discontinued operations of $1,000, or $0.00 earnings per common share diluted, in the same period last year. Mr. Wollney continued, “We expect our operating loss to return to profitability as we continue to work towards positive cash flow from our managing agency operations. During the quarter, salaries and benefits were 14% lower than the same quarter last year and other agency related expenses were 47% lower. We have diligently maintained our valuable infrastructure that the exceptional team at Atlas has cultivated over many years and continue to position our business for successful growth.” Revenue As an MGA, our commission and fee income is derived from policies and premium produced on behalf of insurance carrier partners. We earn commission for the sale of first year and renewal policies from our insurance carrier partners, which are presented in our condensed consolidated statements of operations as commission income. Commission income for the three months ended June 30, 2022 totaled $639,000 compared to $1.8 million for the three months ended June 30, 2021. The decrease in commission income from the prior year period was largely due to the liquidation of Global Liberty, the fact that the Company is no longer generating commission income on paratransit business following the sale of renewal rights in November 2021. This was partially offset by increased premium production in our ongoing programs. Commissions from our core taxi, livery/limo and full-time TNC segments grew 101.6% year over year. Our expectation is that growth related to our go-forward target markets will exceed the reductions related to non-strategic historic revenue reductions. Atlas recorded other income of $360,000 and $925,000 for the three months ended June 30, 2022 and 2021, respectively, and $1.1 million and $1.6 million for the six months ended June 30, 2022 and 2021, respectively. The decrease is related primarily to a decrease in professional services revenue. Underwriting Expenses Acquisition costs for the three months ended June 30, 2022 were $335,000 compared to $955,000 for the three months ended June 30, 2021, respectively, and represent commissions paid to retail agents who sell insurance policies. Other underwriting expenses for the three months ended June 30, 2022 and 2021 were $4.9 million and $3.6 million, respectively. Offsets related to COVID-19 related federal benefits reduced expenses by approximately $590,000 during second quarter 2021. Atypical legal and other expenses, primarily related to our previously announced senior note exchange and related activities represented approximately $1.1 million of the increased expenses in 2022. Salary and benefits and other normal course operating expenses, excluding costs related to financing and the Company’s headquarters building which is held for sale, were 25% lower year-over-year. We anticipate a sale of the headquarters building via auction later in 2022. Results of Operations Atlas had net loss of $5.0 million and $9.2 million during the three and six months ended June 30, 2022, respectively, compared to net income of $659,000 and net loss of $1.9 million during the three and six months ended June 30, 2021, respectively. Loss per common share diluted was $0.29 and $0.53 for the three and six months ended June 30, 2022, respectively, compared to net income per common share diluted of $0.06 and net loss per common share diluted of $0.17 for the three and six months ended June 30, 2021, respectively. Mr. Wollney concluded, “Our team will continue to focus on efficiently managing our operations as we undertake proactive work toward growing our go-forward lines of business. Recent industry statistics, which serve as leading indicators of demand for our business, continue to be encouraging. We believe that Atlas is well positioned to build on the foundation we’ve established and will leverage our expertise and infrastructure developed over many years. We believe that both our ‘traditional’ managing agency infrastructure as well as our proprietary digital Insurtech platform, optOnTM, are valuable assets that can be scaled significantly over time to create value for our customers, partners, shareholders, and other stakeholders.” Conference Call Details Atlas will discuss these results in a conference call on Friday, August 12, 2022, at 8:30 a.m. ET. Participant Dial-In Numbers (United States): 877-407-9753 (International): 201-493-6739 To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode "Atlas". An accompanying slide presentation will be available in .pdf format via the “Investor Relations” section of Atlas’ website at www.atlas-fin.com/investorrelations prior to the call. Webcast The call will also be simultaneously webcast over the Internet via the Investor Relations section of Atlas’ website or by clicking on the conference call link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ITTqRFCU A transcript of the call will be archived on the Company’s website. Filings with the SEC The Company’s filings, including its most recent Quarterly Report on Form 10-Q for the period ended June 30, 2022, can be accessed through the Securities and Exchange Commission (“SEC”) database. These filings are also available in the SEC Filings section of the Company’s website at www.atlas-fin.com. About Atlas Financial Holdings, Inc. 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 and limousine/livery (including full-time transportation network company drivers) and business auto. Atlas’ specialized infrastructure is designed to leverage analytics, expertise and technology to efficiently and profitably provide insurance solutions for independent contractors, owner operators and other smaller accounts. The Company’s strategy is focused on leveraging its MGA operation, AGMI, and its insurtech digital platform, optOn. For more information about Atlas, please visit www.atlas-fin.com, www.agmiinsurance.com, and www.getopton.com. Forward-Looking Statements 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 most recent Annual Report on Form 10-K. No forward-looking statement can be guaranteed, including, without limitation, statements regarding the Company’s anticipated ability to recapture its prior volume of business and to expand. 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. Atlas Financial Holdings, Inc. Condensed Consolidated Statements of Financial Position ($ in ‘000s, except for share and per share data) June 30, 2022 December 31, 2021 Assets (unaudited) Cash and cash equivalents $ 1,857 $ 2,274 Restricted cash 1,395 3,637 Premiums receivable (net of allowance of $225 and $225) 9,193 11,397 Intangible assets, net 923 983 Property and equipment, net 1,801 2,503 Right-of-use asset 24 237 Notes receivable 18,017 18,017 Credit facility fee, net 19 584 Other assets 1,030 1,053 Assets held for sale 7,500 7,500 Total assets $ 41,759 $ 48,185 Liabilities Premiums payable $ 10,277 $ 13,593 Lease liability 24 224 Due to deconsolidated affiliates 19,091 19,957 Notes payable, net 36,682 33,102 Other liabilities and accrued expenses 6,563 6,811 Total liabilities $ 72,637 $ 73,687 Commitments and contingencies (see Note 7) Shareholders' Deficit Ordinary voting common shares, $0.003 par value, 800,000,001 shares authorized, shares issued: June 30, 2022 - 17,652,839 and December 31, 2021 - 15,052,839; shares outstanding: June 30, 2022 - 17,652,839 and December 31, 2021 - 14,797,334 $ 53 $ 45 Restricted voting common shares, $0.003 par value, 33,333,334 shares authorized, shares issued and outstanding: June 30, 2022 and December 31, 2021 - 0 — — Additional paid-in capital 83,883 83,086 Treasury stock, at cost: 0 and 255,505 shares of ordinary voting common shares at June 30, 2022 and December 31, 2021, respectively — (3,000 ) Retained deficit (114,814 ) (105,633 ) Accumulated other comprehensive income, net of tax — — Total shareholders' deficit $ (30,878 ) $ (25,502 ) Total liabilities and shareholders' deficit $ 41,759 $ 48,185 See accompanying Notes to Condensed Consolidated Financial Statements. Atlas Financial Holdings, Inc. Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Operations ($ in ‘000s, except for share and per share data) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (unaudited) (unaudited) Commission income $ 639 $ 1,791 $ 1,472 $ 3,484 Net realized gains (losses) — (1,477 ) 1 (1,465 ) Other income 360 925 1,112 1,561 Total revenue 999 1,239 2,585 3,580 Acquisition costs 335 955 914 1,849 Other underwriting expenses 4,892 3,614 9,419 7,096 Amortization of intangible assets 30 97 60 195 Forgiveness of Paycheck Protection Program loan — (4,601 ) — (4,601 ) Interest expense, net 772 514 1,373 1,083 Total expenses 6,029 579 11,766 5,622 (Loss) income from operations before income taxes (5,030 ) 660 (9,181 ) (2,042 ) Income tax benefit — — — — (Loss) income from continuing operations (5,030 ) 660 (9,181 ) (2,042 ) Income (loss) from discontinued operations, net of tax — (1 ) — 151 Net (loss) income $ (5,030 ) $ 659 $ (9,181 ) $ (1,891 ) Basic net (loss) income per share attributable to common shareholders Continuing operations $ (0.29 ) $ 0.06 $ (0.53 ) $ (0.17 ) Discontinued operations — — — 0.01 Net (loss) income $ (0.29 ) $ 0.06 $ (0.53 ) $ (0.16 ) Diluted net (loss) income per share attributable to common shareholders Continuing operations $ (0.29 ) $ 0.06 $ (0.53 ) $ (0.17 ) Discontinued operations — — — 0.01 Net (loss) income $ (0.29 ) $ 0.06 $ (0.53 ) $ (0.16 ) Basic weighted average common shares outstanding 17,499,492 12,047,334 17,233,225 12,035,560 Diluted weighted average common shares outstanding 17,499,492 12,047,334 17,233,225 12,035,560 Condensed Consolidated Statements of Comprehensive (Loss) Income Net (loss) income $ (5,030 ) $ 659 $ (9,181 ) $ (1,891 ) Other comprehensive loss: Changes in net unrealized investment losses — (9 ) — (22 ) Reclassification to net loss — (1 ) — (159 ) Other comprehensive loss — (10 ) — (181 ) Total comprehensive (loss) income $ (5,030 ) $ 649 $ (9,181 ) $ (2,072 ) See accompanying Notes to Condensed Consolidated Financial Statements.
CHICAGO--(BUSINESS WIRE)--Atlas Financial Holdings, Inc. (OTC: AFHIF) (“we,” “us,” “our,” “Atlas” or the “Company”) today reported its unaudited financial results for the first quarter ended March 31, 2022, and announced that the Company has filed with the Securities and Exchange Commission (“SEC”) its Quarterly Report on Form 10-Q for the period ended March 31, 2021. The most recent filing can be reviewed in full in the SEC Filings section of the Company’s website at www.atlas-fin.com. Scott D. Wollney, Atlas’ President and Chief Executive Officer, said, “Our first quarter 2022 results reflect the initial recovery seen in our target markets as well as cost control activities undertaken due to the impact of the COVID-19 pandemic on our business. We continue to see increasingly positive signs of recovery with an increased demand for rides and a related improvement in driver supply. It is also exciting to see transportation network companies and taxi operators joining forces in certain large markets. We anticipate that this will continue to proliferate and create even greater demand for our products.” First Quarter 2022 Financial Performance Summary Commission income from go-forward taxi, livery and business auto production was $829,000, an increase of 93.7% from $428,000 for the three months ended March 31, 2021. Including the transition of our paratransit business, overall commission income was $833,000 for the three months ended March 31, 2022, a decrease of 50.8% from $1.7 million for the three months ended March 31, 2021. Net loss from continuing operations was $4.2 million, or $0.28 per common share diluted, in first quarter 2022 compared to a net loss from continuing operations of $2.7 million, or $0.22 loss per common share diluted, in first quarter 2021. Net income from discontinued operations was $0, or $0.00 earnings per common share diluted, in first quarter 2022 compared to net income from discontinued operations of $152,000, or $0.01 earnings per common share diluted, in first quarter 2021. Mr. Wollney continued, “Our operating loss is expected to improve as we continue to work towards positive cash flow from our managing agency operations. Now that we have successfully concluded the previously announced exchange of our senior notes, we are focused on the profitable growth of our business and expansion of our product offerings to accommodate the evolving specialty business segments on which we focus.” Revenue As an MGA, our commission and fee income is derived from policies and premium produced on behalf of insurance carrier partners. We earn commission for the sale of first year and renewal policies from our insurance carrier partners, which are presented in our condensed consolidated statements of operations as commission revenue. Commission income for the three months ended March 31, 2022 totaled $833,000, compared to $1.7 million for the three months ended March 31, 2021. The decrease in commission income from the prior year period was largely due to the liquidation of Global Liberty, the fact that the Company is no longer generating commission income on paratransit business following the sale of renewal rights in November 2021, and a preliminary sliding scale analysis. This was partially offset by increased premium production in our ongoing programs. Commissions from our core taxi, livery/limo and full-time TNC segments grew 93.7% year over year. Our expectation is that growth related to our go-forward target markets will exceed the reductions related to non-strategic historic revenue reductions. Atlas recorded other income of $752,000 and $636,000 for the three months ended March 31, 2022 and 2021, respectively. The increase resulted from professional services income received. Total revenue was $1.6 million for the three months ended March 31, 2022, a decrease of 32.3% from $2.3 million for the three months ended March 31, 2021. Underwriting Expenses Acquisition costs for the three months ended March 31, 2022 were $579,000 compared to $894,000 for the three months ended March 31, 2021, and represent commissions paid to retail agents who sell insurance policies. Other underwriting expenses for the three months ended March 31, 2022 and 2021 were $4.5 million and $3.5 million, respectively. Offsets related to COVID-19 related federal benefits reduced expenses by approximately $800,000 during first quarter 2021. Atypical legal and other expenses, primarily related to our previously announced senior note exchange and related activities represented approximately $750,000 of the increased expenses in 2022. Salary and benefits and other normal course operating expenses were relatively flat year-over-year. We believe that because a portion of our personnel and other expenses are relatively fixed in nature, changes in premium production may impact our operating scale and operating expense ratios. Results of Operations Atlas had a net loss of $4.2 million during the three months ended March 31, 2023 compared to net loss of $2.6 million during the three months ended March 31, 2021. Loss per common share diluted was $0.28 for the three months ended March 31, 2022 compared to a net loss per common share diluted of $0.21 during the three months ended March 31, 2021, respectively. Mr. Wollney concluded, “Recent industry statistics, which serve as leading indicators of demand for our business, continue to be encouraging. We believe that Atlas is well positioned to build on the foundation established in 2021 and will leverage the expertise and infrastructure developed over many years. We believe that both our ‘traditional’ managing agency infrastructure as well as our proprietary digital Insurtech platform, optOnTM, are valuable assets that can be scaled significantly over time to create value for our customers, partners, shareholders, and other stakeholders.” Conference Call Details Atlas will discuss these results in a conference call Tuesday morning, May 24, 2022, at 10:00 a.m. ET. Participant Dial-In Numbers (United States): 877-407-9753 (International): 201-493-6739 To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode "Atlas". An accompanying slide presentation will be available in .pdf format via the “Investor Relations” section of Atlas’ website at www.atlas-fin.com/investorrelations prior to the call. Submit Questions for the Call Questions for consideration for the call can be emailed to kdaly@equityny.com prior to 8:00 a.m. ET on Tuesday, May 24, 2022. Webcast The call will also be simultaneously webcast over the Internet via the Investor Relations section of Atlas’ website or by clicking on the conference call link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=d5RZnMeS A transcript of the call will be archived on the Company’s website. About Atlas Financial Holdings, Inc. 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 and limousine/livery (including full-time transportation network company drivers) and business auto. Atlas’ specialized infrastructure is designed to leverage analytics, expertise and technology to efficiently and profitably provide insurance solutions for independent contractors, owner operators and other smaller accounts. The Company’s strategy is focused on leveraging its MGA operation, AGMI, and its insurtech digital platform, optOn. For more information about Atlas, please visit www.atlas-fin.com, www.agmiinsurance.com, and www.getopton.com. Forward-Looking Statements 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 most recent Annual Report on Form 10-K. No forward-looking statement can be guaranteed, including, without limitation, statements regarding the Company’s anticipated ability to recapture its prior volume of business and to expand. 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. Atlas Financial Holdings, Inc. Condensed Consolidated Statements of Financial Position ($ in ‘000s, except for share and per share data) March 31, 2022 December 31, 2021 Assets (unaudited) Cash and cash equivalents $ 615 $ 2,274 Restricted cash 2,740 3,637 Premiums receivable (net of allowance of $225 and $225) 11,068 11,397 Intangible assets, net 953 983 Property and equipment, net 2,149 2,503 Right-of-use asset 32 237 Notes receivable 18,017 18,017 Credit facility fee, net — 584 Other assets 1,141 1,053 Assets held for sale 7,500 7,500 Total assets $ 44,215 $ 48,185 Liabilities Premiums payable $ 12,701 $ 13,593 Lease liability 32 224 Due to deconsolidated affiliates 19,091 19,957 Notes payable, net 33,763 33,102 Other liabilities and accrued expenses 6,824 6,811 Total liabilities $ 72,411 $ 73,687 Commitments and contingencies (see Note 7) Shareholders' Deficit Ordinary voting common shares, $0.003 par value, 800,000,001 shares authorized, shares issued: March 31, 2022 - 17,552,839 and December 31, 2021 - 15,052,839; shares outstanding: March 31, 2022 - 17,297,334 and December 31, 2021 - 14,797,334 $ 53 $ 45 Restricted voting common shares, $0.003 par value, 33,333,334 shares authorized, shares issued and outstanding: March 31, 2022 and December 31, 2021 - 0 — — Additional paid-in capital 84,535 83,086 Treasury stock, at cost: 255,505 shares of ordinary voting common shares at March 31, 2022 and December 31, 2021, respectively (3,000 ) (3,000 ) Retained deficit (109,784 ) (105,633 ) Accumulated other comprehensive income, net of tax — — Total shareholders' deficit $ (28,196 ) $ (25,502 ) Total liabilities and shareholders' deficit $ 44,215 $ 48,185 See accompanying Notes to Condensed Consolidated Financial Statements. Atlas Financial Holdings, Inc. Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Operations ($ in ‘000s, except for share and per share data) Three months ended March 31, 2022 2021 (unaudited) Commission income $ 833 $ 1,693 Net realized gains 1 12 Other income 752 636 Total revenue 1,586 2,341 Acquisition costs 579 894 Other underwriting expenses 4,527 3,482 Amortization of intangible assets 30 98 Interest expense, net 601 569 Total expenses 5,737 5,043 Loss from operations before income taxes (4,151 ) (2,702 ) Income tax benefit — — Loss from continuing operations (4,151 ) (2,702 ) Income from discontinued operations, net of tax — 152 Net loss $ (4,151 ) $ (2,550 ) Basic net income (loss) per share attributable to common shareholders Continuing operations $ (0.28 ) $ (0.22 ) Discontinued operations — 0.01 Net loss $ (0.28 ) $ (0.21 ) Diluted net income (loss) per share attributable to common shareholders Continuing operations $ (0.28 ) $ (0.22 ) Discontinued operations — 0.01 Net loss $ (0.28 ) $ (0.21 ) Basic weighted average common shares outstanding 14,964,001 12,023,655 Diluted weighted average common shares outstanding 14,964,001 12,023,655 Condensed Consolidated Statements of Comprehensive Loss Net loss $ (4,151 ) $ (2,550 ) Other comprehensive loss: Changes in net unrealized investment losses — (13 ) Reclassification to net loss — (158 ) Other comprehensive loss — (171 ) Total comprehensive loss $ (4,151 ) $ (2,721 ) See accompanying Notes to Condensed Consolidated Financial Statements..
CHICAGO--(BUSINESS WIRE)--Atlas Financial Holdings, Inc. (OTC: AFHIF) (“we,” “us,” “our,” “Atlas” or the “Company”) today announced that the Company has filed with the Securities and Exchange Commission (“SEC”) its Annual Report on Form 10-K for the year ending December 31, 2021 (the “Annual Report”). The most recent filing is available in the Investors Relations section of the Company’s website at www.atlas-fin.com. Scott D. Wollney, President and Chief Executive Officer of Atlas, said, “Much of our focus in 2021 was the conclusion of legacy issues related to our strategic reorganization. In 2022 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. While uncertainty regarding the COVID-19 pandemic and high gas prices are impacting the re-engagement of our target market, we are encouraged that submissions and policies written in our core taxi, livery and full-time transportation network segments continue to grow significantly as compared to the prior two years. In the fourth quarter of 2021, applications for insurance submitted to our managing agency operation, AGMI, were up +355% as compared to the same quarter prior year and policies issued were up +815%. We remain encouraged by a strong start in 2022, with AGMI’s applications for insurance in the first quarter up more than +300% as compared to the same period last year and policies issued through the end of March 2022 up more than +460% compared to the same period last year. While these preliminary results suggest that post pandemic recovery is beginning to result in improvement to our core business, there can be no assurance that these trends will continue or that future results will be consistent with these indications. From a capital structure standpoint, we were very pleased to have obtained final court approval with respect to the previously announced exchange of our 6.625% senior notes. This is an important milestone in our planned transition to a successful and profitable business and demonstrates the support of interested constituents.” Full-Year 2021 Financial Performance Summary Net loss from continuing operations was $5.8 million, or $0.45 loss per common share diluted, in 2021 compared to a net loss from continuing operations of $13.0 million, or $1.08 loss per common share diluted, in 2020, representing an increase in earnings per common share diluted of $0.63. Book value per common share increased $0.02 to $(1.72) as of December 31, 2021 from $(1.74) as of December 31, 2020. Financial Result Highlights Our managing general agency operation, AGMI, earns commission for the sale of first year and renewal policies from our insurance carrier partners, which are presented in our consolidated statements of operations as commission revenue. Commission income relating to the business processed by AGMI increased by $728,000, or 14.0%, from $5.2 million in 2020 to $5.9 million in 2021. The increase was mainly attributed to the increase in our taxi and livery program during 2021 as compared to 2020. During both 2020 and 2021, the majority of our premium written related to non-emergency paratransit business. Following the previously announced renewal rights transaction related to this business effective in November 2021, premiums written by AGMI are primarily core taxi, livery and full-time transportation network operators. Other income increased by $1.5 million to $5.9 million from $4.4 million due to an increase of professional services revenues in 2021. Total revenue, including the impact of net realized losses of $7 million related to an impairment on our headquarters building, was $4.8 million in 2021 compared to $9.5 million in 2020. Acquisition costs of $3.2 million in 2021 compared to $2.9 million in 2020 represent commissions paid to retail agents who sell insurance policies. The increase in acquisition costs resulted from an increase in premium production of $4.0 million. Other underwriting expenses including share-based compensation and amortization of intangible assets decreased $1.5 million to $16.4 million in 2021 compared to $17.8 million in 2020. The $16.4 million of expenses for the full year 2021 consisted of the following: Expenses related to continuing operations represented $9.8 million, which includes: $6.3 million related to salaries and benefits, $2.1 million of other expenses and professional fees, and $1.4 million of depreciation and amortization. Headquarters related expenses related to our building in Schaumburg, Illinois, which is held for sale, represented $2.2 million, of which $1.7 million were occupancy and storage costs with the remainder attributable to depreciation, amortization, and other building related expenses. Normal-course public company costs represented $2.1 million. Other non-recurring expenses of approximately $2.3 million related to legacy activities. Certain non-recurring adjustments impacting our financial results not included in the above included a non-cash gain on disposal of subsidiaries of $5.7 million due to the out-of-period adjustment recorded in 2021 relating to the deconsolidation of the ASI Pool Companies. During 2021 the Company also received full forgiveness of both PPP Loans totaling $6.6 million. An impairment charge on intangible assets of $930,000 relating to the Global Liberty customer lists was recorded in 2021 compared to $0 impairments in 2020. Net realized losses were primarily comprised of the aforementioned impairment charge on the Company’s corporate headquarters of $7.0 million in 2021. There were no impairment charges on the Company’s corporate headquarters in 2020. Mr. Wollney concluded, “As an organization, we are focused on shifting from survival to success and are committed to reporting financial and operating results reflecting our strategic transition to an MGA-focused business model in a more ‘normalized’ operating environment. We proactively addressed expense management and other critical initiatives in the face of the COVID-19 pandemic while maintaining valuable infrastructure to benefit from recovery. Recent industry statistics, which serve as leading indicators of demand for our business, are encouraging. We believe that Atlas is well positioned to build on the foundation established in 2021 and will leverage the expertise and infrastructure developed over many years. We believe that both our ‘traditional’ managing agency infrastructure as well as our proprietary digital Insurtech platform, optOnTM, are valuable assets that can be scaled significantly over time to create value for our customers, partners, shareholders, and other stakeholders.” Extension to the Maturity of its Senior Notes As previously disclosed and in connection with the cancellation of its 6.625% senior unsecured notes due 2022 (the “Notes”) and the issuance of the Company’s 6.625%/7.25% Senior Unsecured PIK Toggle Notes due 2027 (the “New Notes”) in exchange, on January 4, 2022, the Company filed a petition and summons for direction (the “Cayman Proceeding”) in the Grand Court of the Cayman Islands (the “Cayman Court”) regarding a scheme of arrangement pursuant to section 86 of Part IV of the Companies Act (2021 Revision) of the Cayman Islands (the “Scheme”) proposed by the Company related to the restructuring of the Company’s indebtedness under the Notes (the “Note Restructuring”). Pursuant to the summons for directions, the Company sought an order (the “Convening Order”) for the convening of a single meeting of a class of creditors affected by the Scheme (the “Scheme Creditors”) to consider and, if thought fit, approve, with or without modification, the Scheme (the “Scheme Meeting”). At the Scheme Meeting, the resolution was put forward that “...the Scheme of Arrangement, a copy of which has been tabled at this Scheme Meeting, be approved subject to any modification, addition, or condition which the Grand Court of the Cayman Islands may think to fit or impose which would not directly or indirectly have a material adverse effect on the rights of the Scheme Creditors.” The aforementioned resolution was passed with an overwhelming majority: holders of 91.83% of the Notes in number and 99.34% par amount of those voting voted in favor of the Scheme and, on February 25, 2022, the Cayman Court sanctioned and approved the Scheme by entry of a sanction order (the Sanction Order”). The Sanction Order was filed with and accepted by the Registrar of Companies, as required by the Cayman Court. In furtherance of the Cayman Proceeding and in connection with the Note Restructuring, on March 4, 2022, the Company filed a petition under chapter 15 of the United States Bankruptcy Code (the “Recognition Petition”), seeking that the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) enter an order recognizing the Cayman Proceeding as the foreign main or foreign nonmain proceeding and enforcing the Scheme within the territorial jurisdiction of the United States (the “Recognition and Enforcement Order”). On March 4, 2022, the Bankruptcy Court entered an order, which, among other things, scheduled a hearing before the Bankruptcy Court for March 30, 2022 (the “Recognition Hearing”) to consider the Recognition Petition and related relief. The non-appealable Recognition and Enforcement Order, recognizing the Cayman Proceeding as the foreign main proceeding and enforcing the Scheme within the territorial jurisdiction of the United States. Among other things, the Recognition and Enforcement Order provides that, pursuant to section 1145 of the Bankruptcy Code, once issued, the New Notes will be exempt from registration under Section 5 of the Securities Act of 1933, as amended (the “Securities Act”), and any applicable state and local securities laws and freely transferable, subject to certain limitations under section 1145(b) of the Bankruptcy Code with respect to any New Notes issued to “underwriters” as defined in section 2(a)(11) of the Securities Act. The procurement of the Recognition and Enforcement Order was the last in-court step in the Note Restructuring. The Recognition and Enforcement Order is effective immediately and enforceable upon entry, authorizing the Company to take any action to implement and effectuate the Note Restructuring, including finalization of ancillary documents, among other things, in an effort to proceed toward closing the Note Restructuring in accordance with the Scheme and the previously disclosed Restructuring Support Agreement (the “RSA”) between the Company and the noteholders party thereto. For more information on the Note Restructuring and the RSA, see “Part II, Item 8, Note 14, Notes Payable,” in the Notes to Consolidated Financial Statements. Conference Call Details Atlas will discuss these results in a conference call Monday morning, April 4, 2022, at 8:30 a.m. ET. Participant Dial-In Numbers (United States): 877-407-9753 (International): 201-493-6739 To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode "Atlas". An accompanying slide presentation will be available in .pdf format via the “Investor Relations” section of Atlas’ website at www.atlas-fin.com/investorrelations prior to the call. Submit Questions for the Call Questions for consideration for the call can be emailed to kdaly@equityny.com prior to 8:00 a.m. ET on Monday, April 4, 2022. Webcast The call will also be simultaneously webcast over the Internet via the Investor Relations section of Atlas’ website or by clicking on the conference call link: https://services.choruscall.com/mediaframe/webcast.html?webcastid=M7Q4RREV A transcript of the call will be archived on the Company’s website. About Atlas Financial Holdings, Inc. 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 and limousine/livery (including full-time transportation network company drivers) and business auto. Atlas’ specialized infrastructure is designed to leverage analytics, expertise, and technology to efficiently and profitably provide insurance solutions for independent contractors, owner operators and other smaller accounts. The Company’s strategy is focused on leveraging its MGA operation, AGMI, and its insuretech digital platform, optOn. For more information about Atlas, please visit www.atlas-fin.com, www.agmiinsurance.com, and www.getopton.com. Forward-Looking Statements 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 most recent Annual Report on Form 10-K. No forward-looking statement can be guaranteed, including, without limitation, statements regarding the Company’s anticipated ability to recapture its prior volume of business and to expand. 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. Atlas Financial Holdings, Inc. Consolidated Statements of Financial Position ($ in ‘000s, except for share and per share data) December 31, 2021 2020 Assets Cash and cash equivalents $ 2,274 $ 5,238 Restricted cash 3,637 5,287 Premiums receivable (net of allowance of $225 and $800, respectively) 11,397 13,442 Intangible assets, net 983 2,235 Property and equipment, net 2,503 18,815 Right-of-use asset 237 888 Notes receivable 18,017 18,017 Credit facility fees, net 584 — Other assets 1,053 1,895 Assets held for sale 7,500 53,885 Total assets $ 48,185 $ 119,702 Liabilities Premiums payable $ 13,593 $ 19,416 Lease liability 224 1,091 Due to deconsolidated affiliates 19,957 19,170 Notes payable, net 33,102 36,168 Other liabilities and accrued expenses 6,811 4,342 Liabilities held for sale — 60,407 Total liabilities $ 73,687 $ 140,594 Commitments and contingencies (See Note 7) Shareholders’ deficit Ordinary voting common shares, $0.003 par value, 800,000,001 shares authorized, shares issued: December 31, 2021 - 15,052,839 and December 31, 2020 - 12,248,798; shares outstanding: December 31, 2021 - 14,797,334 and December 31, 2020 - 11,993,293 $ 45 $ 37 Restricted voting common shares, $0.003 par value, 33,333,334 shares authorized, shares issued and outstanding: December 31, 2021 and December 31, 2020 - 0 — — Additional paid-in capital 83,086 81,840 Treasury stock, at cost: 255,505 shares of ordinary common voting shares at each of December 31, 2021 and December 31, 2020 (3,000) (3,000) Retained deficit (105,633) (100,199) Accumulated other comprehensive income, net of tax — 430 Total shareholders' deficit $ (25,502) $ (20,892) Total liabilities and shareholders' deficit $ 48,185 $ 119,702 See accompanying Notes to Consolidated Financial Statements on the latest Form 10-K. Atlas Financial Holdings, Inc. Consolidated Statements of Operations ($ in ‘000s, except for share and per share data) Year ended December 31, 2021 2020 Commission income $ 5,923 $ 5,195 Net realized losses (6,952) (3) Other income 5,867 4,354 Total revenue 4,838 9,546 Acquisition costs 3,165 2,934 Other underwriting expenses 16,279 17,743 Amortization of intangible assets 322 390 Interest expense, net 2,235 1,931 Impairment of intangible assets 930 — Forgiveness of Paycheck Protection Program loan (6,601) — Gain on disposal of subsidiaries (5,659) — Total expenses 10,671 22,998 Loss from operations before income taxes (5,833) (13,452) Income tax benefit — (484) Loss from continuing operations (5,833) (12,968) Income from discontinued operations, net of tax 165 238 Net loss $ (5,668) $ (12,730) Basic net income (loss) per share attributable to common shareholders Continuing operations $ (0.45) $ (1.08) Discontinued operations 0.01 0.02 Net loss $ (0.44) $ (1.06) Diluted net income (loss) per share attributable to common shareholders Continuing operations $ (0.45) $ (1.08) Discontinued operations 0.01 0.02 Net loss $ (0.44) $ (1.06) Basic weighted average common shares outstanding 12,960,674 11,957,268 Diluted weighted average common shares outstanding 12,960,674 11,957,268 Consolidated Statements of Comprehensive Income (Loss) Net loss $ (5,668) $ (12,730) Other comprehensive (loss) income: Changes in net unrealized investment (losses) gains (21) 161 Reclassification to net loss (175) (155) Other comprehensive (loss) income (196) 6 Total comprehensive loss $ (5,864) $ (12,724) See accompanying Notes to Consolidated Financial Statements on the latest Form 10-K.
CHICAGO--(BUSINESS WIRE)--Atlas Financial Holdings, Inc. (OTC: AFHIF) (“Atlas” or the “Company”) today announced that it will release its financial results for the third quarter ended September 30, 2021 after the market closes on Monday, November 8, 2021. Atlas will discuss these results in a conference call the following morning (Tuesday, November 9, 2021) at 8:30 a.m. ET. (United States): 877-407-9753 (International): 201-493-6739 To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode "Atlas". An accompanying slide presentation will be available in .pdf format via the “Investor Relations” section of Atlas’ website at www.atlas-fin.com/investorrelations after the issuance of the earnings release. Submit Questions for the Call Questions for consideration for the call can be emailed to aprior@equityny.com prior to 8:00 a.m. ET on Tuesday, November 9, 2021. Webcast The call will also be simultaneously webcast over the Internet via the Investor Relations section of Atlas’ website or by clicking on the conference call link: https://78449.themediaframe.com/dataconf/productusers/atfin/mediaframe/47350/indexl.html. Audio and a transcript of the call will be archived on the Company’s website. About Atlas 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, nonemergency para-transit, limousine/livery (including full-time transportation network company drivers) and business auto. Atlas’ specialized infrastructure is designed to leverage analytics, expertise and technology to efficiently and profitably provide insurance solutions for independent contractors, owner operators and other smaller accounts. The Company’s strategy is focused on leveraging its managing general agency operation (“AGMI”) and its insuretech digital platform (“optOn”). For more information about Atlas, please visit www.atlas-fin.com, www.agmiinsurance.com , and www.getopton.com.
CHICAGO--(BUSINESS WIRE)---- $AFHIF--Atlas Financial Holdings, Inc. (OTC: AFHIF) (“we,” “us,” “our,” the “Company” or “Atlas”) today announced that effective as of September 1, 2021, the Company's Board of Directors (the “Board”) appointed Kurt Lageschulte to the Board to fill the vacancy created by the previously announced resignation of Walter Walker. Mr. Lageschulte is the Portfolio Manager of investment funds collectively holding significant positions in the Company's 6.625% senior unsecured notes due