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About Atlantic American Corporation (AAME)
Atlantic American Corporation (NASDAQ: AAME) is a publicly traded holding company specializing in the insurance sector, with a focus on two well-defined markets: life and health insurance and property and casualty insurance. Through its subsidiaries, Atlantic American offers a diverse range of insurance solutions designed to meet the needs of individuals, businesses, and government entities. The company operates in 46 states and the District of Columbia, leveraging an exclusive network of independent agents and brokers to deliver its products and services.
Core Business Segments
Life and Health Insurance
Atlantic American’s life and health insurance operations are conducted through its flagship subsidiary, Bankers Fidelity Life Insurance Company. This division offers a comprehensive portfolio of insurance products, including:
- Medicare Supplement Insurance: Designed to provide additional coverage for healthcare costs not covered by Medicare.
- Ordinary and Term Life Insurance: Policies tailored to meet the financial protection needs of individuals and families.
- Supplemental Health Insurance: Products that address specific health-related financial risks.
These offerings cater primarily to individuals seeking financial security and health coverage, particularly in the senior market.
Property and Casualty Insurance
The property and casualty division operates through American Southern Insurance Company, providing specialized insurance solutions for commercial accounts and government entities. Key offerings include:
- Bodily Injury and Property Damage Liability Coverage
- Uninsured Motorist Coverage
- Physical Damage Coverage
- Business Automobile Insurance: Tailored multi-year contracts for state governments and local municipalities.
This segment focuses on providing customized insurance products that address the unique needs of businesses and public sector clients.
Revenue Model and Market Position
Atlantic American generates revenue through the collection of insurance premiums and investment income. Its market strategy emphasizes specialization in niche markets, enabling the company to offer tailored solutions that differentiate it from larger, more generalized insurance providers. The company’s A.M. Best ratings (ranging from A- to B+) underscore its financial stability and commitment to meeting policyholder obligations.
Geographic Reach and Distribution
With licenses in 46 states and the District of Columbia, Atlantic American has a broad geographic presence. Its products are marketed exclusively through a network of independent agents and brokers, ensuring personalized service and localized expertise.
Why Atlantic American Stands Out
- Specialized Focus: The company’s emphasis on niche insurance markets allows it to deliver highly tailored solutions.
- Exclusive Distribution Network: Independent agents and brokers provide a personalized approach to customer service.
- Financial Stability: Strong A.M. Best ratings reflect the company’s ability to meet its financial commitments.
- Diverse Product Portfolio: Offerings span life, health, and property and casualty insurance, providing comprehensive coverage options.
Conclusion
Atlantic American Corporation is a trusted name in the insurance industry, known for its specialization in niche markets and commitment to financial stability. Its diversified product offerings and exclusive distribution network position it as a reliable choice for individuals, businesses, and government entities seeking tailored insurance solutions.
Atlantic American (AAME) reported a net loss of $2.0 million, or $(0.10) per diluted share, for Q3 2024, compared to net income of $1.8 million in Q3 2023. For the nine-month period, losses reached $4.7 million versus $2.1 million profit last year. The decline was primarily due to increased losses in life, health, and property operations. Q3 premium revenue slightly increased to $43.8 million, while nine-month premium revenue decreased 1.9% to $133.3 million, mainly due to lower Medicare supplement insurance premiums.
Atlantic American (Nasdaq: AAME) reported a net loss of $0.7 million, or $(0.04) per diluted share, for Q2 2024, compared to a net income of $1.7 million in Q2 2023. The company's six-month net loss increased to $2.7 million in 2024 from $0.3 million in 2023. The losses were primarily due to unfavorable loss experience in both life and health operations and property and casualty operations. Operating income decreased by $2.8 million in Q2 and $5.7 million for the six-month period. Despite challenges, CEO Hilton H. Howell Jr. expressed optimism about recent product launches and the company's long-term strategy.
Atlantic American (Nasdaq: AAME) reported a net loss of $2.0 million for Q1 2024, translating to a loss of $0.10 per share. This is an increase from a net loss of $1.4 million, or $0.08 per share, in Q1 2023. The loss was mainly due to a 3.4% decrease in premium revenue in the life and health operations, totaling $44.6 million, down from $46.1 million the previous year. Additionally, the company experienced unfavorable loss experience in these operations, resulting in an operating loss of $2.4 million, compared to an operating income of $0.6 million in the same period last year.
Despite the decline in life and health premiums, the property and casualty division saw an increase in insurance premiums while keeping benefits and losses relatively flat. CEO Hilton H. Howell, Jr. cited new business initiatives and market expansions for Atlantic Capital Life Assurance Company as reasons for optimism.
ATLANTA, Ga., April 21, 2023 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq: AAME) announced it received a notice from Nasdaq for failing to file its Annual Report on Form 10-K for the year ended December 31, 2022, thus breaching Nasdaq Listing Rule 5250(c)(1). This notice does not immediately affect the listing or trading of AAME’s common stock, and the company has 60 calendar days to submit a compliance plan to Nasdaq. If accepted, AAME may receive up to 180 additional days to comply. The company is currently working to file the Form 10-K as soon as possible. Atlantic American is an insurance holding company involved in life, health, and property and casualty insurance sectors.
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