ATLAS FINANCIAL HLDGS INC - AFHIF STOCK NEWS

Atlas Financial Holdings, Inc. (OTC: AFHIF) announced the appointment of Mark E. Holliday and Steven D. Scheiwe to its Board of Directors, enhancing its governance with independent members. Their financial acumen is expected to guide the company's transition from survival to success. The board restructuring follows the approval of a Settlement Agreement concerning the liquidation of its former insurance company subsidiaries. CEO Scott Wollney expressed optimism regarding the new board's contributions and the company's strategic initiatives to recapture business and expand through its managing general agency and insurtech platforms.

Atlas Financial Holdings reported its second quarter 2022 financial results, highlighting a net loss of $5.0 million, or $0.29 per share, compared to a net income of $660,000 in Q2 2021. Commission income from core taxi and livery segments surged by 101.6% to $635,000, while overall revenue decreased by 19.4% to $1.0 million due to the liquidation of a legacy business. Operating expenses dropped by 25%, and Atlas aims to achieve profitability by focusing on growth in strategic markets and managing operational costs.

Atlas Financial Holdings, Inc. (OTC: AFHIF) reported Q1 2022 results with a total revenue of $1.6 million, down 32.3% from $2.3 million in Q1 2021. Commission income decreased to $833,000, reflecting the impact of the sale of the paratransit business. The net loss from continuing operations widened to $4.2 million, or $0.28 per share, compared to $2.7 million, or $0.22 per share, in the previous year. CEO Scott Wollney noted recovery in target markets and expects improved operating results moving forward. A conference call is scheduled for May 24, 2022.

Atlas Financial Holdings, Inc. (AFHIF) announced its Annual Report on Form 10-K for 2021, highlighting a net loss reduction to $5.8 million, or $0.45 per share, from $13.0 million in 2020. The company reported significant growth in insurance applications, with AGMI's submissions up +355% in Q4 2021 and over +300% in Q1 2022 compared to the previous year. A successful restructuring of its senior notes was achieved, positively impacting its capital structure. However, uncertainty remains regarding the COVID-19 pandemic's effects on future business.

Atlas Financial Holdings, Inc. (OTC: AFHIF) announced the approval of a restructuring scheme for its 6.625% senior unsecured notes by the Cayman Court on February 25, 2022. Approximately 99.34% of note holders supported this scheme, leading to the cancellation and exchange of notes for new securities set to mature on April 27, 2027. The company aims to leverage its technology-driven managing general agency (MGA) strategy for growth. Despite challenges from the pandemic, early signs of recovery in the taxi and livery markets are promising, with significant increases in insurance applications and policies.

Atlas Financial Holdings (OTC: AFHIF) reported its Q3 2021 financial results, revealing a net loss of $4.1 million, or $0.28 per diluted share, compared to a loss of $3.6 million in Q3 2020. Commission income increased by 22.2% year-over-year to $2.0 million, while total revenue, influenced by net realized losses, fell by 12.6% to $1.8 million. The company is pursuing a financial restructuring of its 6.625% Senior Notes due in April 2022, aiming for greater flexibility in its transition to a managing general agent. Additionally, Atlas has secured a $3 million credit facility to support operations.

Atlas Financial Holdings, Inc. (OTC: AFHIF) will release its third-quarter financial results for the period ending September 30, 2021 after the market closes on November 8, 2021. A conference call discussing the results is scheduled for November 9, 2021 at 8:30 AM ET. Interested participants can join via dial-in numbers or through a webcast available on the company’s investor relations website. Atlas specializes in commercial automobile insurance across the United States, focusing on the light commercial sector.

Atlas Financial Holdings, Inc. (OTC: AFHIF) has appointed Kurt Lageschulte to its Board of Directors effective September 1, 2021, following Walter Walker's resignation. Lageschulte brings significant investment experience in the Company's senior unsecured notes and ordinary shares. CEO Scott Wollney expressed confidence that Lageschulte's expertise in finance and corporate reorganization will aid the company's strategic focus on a Managing General Agent model, aimed at expanding market reach. Additional insights will follow in a Current Report on Form 8-K.

Atlas Financial Holdings, Inc. (OTC: AFHIF) is undergoing a financial restructuring involving its 6.625% Senior Unsecured Notes due April 26, 2022. An agreement with key note holders will potentially extend the maturity of these notes, enhancing financial flexibility. The company has secured initial support from holders controlling over 50% of the notes. Additionally, a $3 million convertible senior secured credit facility is in place to aid operations. CEO Scott D. Wollney highlighted growth in submissions and policies in the ride-sharing market, indicating a recovery as demand increases.