Atlas Financial Holdings, Inc.
atlas-fin.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Nov 10, 2022. Its latest SEC filing is a REVOKED from Oct 1, 2024.
10-Q for Q3 FY2022, filed Nov 10, 2022
The sections below describe the company as of the FY2021 annual report.
What Did They Do?
Generates, underwrites and services commercial auto insurance for taxi, limousine and livery operators, gig-economy drivers, and small business fleets in the United States.
10-K for FY2021, filed Mar 31, 2022
How Did They Make Money?
Insurance carrier partners pay Atlas commissions for first-year and renewal policies sold on their behalf; commissions are based on premiums after cancellations and refunds and are earned when a policy is issued or canceled.
10-K for FY2021, filed Mar 31, 2022
$4.8M
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10-K for FY2021, filed Apr 1, 2022
$4.8M ↗
Who Were Their Customers?
Policy buyers work through independent retail agents; Atlas uses technology to generate leads and route them to agents it considers suited to those customers.
10-K for FY2021, filed Mar 31, 2022
Did Revenues Turn Into Profits?
No. It lost $5.7M in FY2021.
How Were They Changing?
- Net income
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Sources
10-Q for Q3 FY2022, filed Nov 11, 2022
−$3.7MView ↗
- ▼ −8% (Loss)
- vs −$4.1M in Q3 FY2021
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Aug 20, 2024
Baker Tilly sent a disengagement letter
Atlas reported no disagreement or reportable event related to the disengagement.
Sources
8-K, filed Aug 20, 2024
On July 31, 2024, Atlas Financial Holdings, Inc., a Cayman Islands exempted company limited by shares (the “Company”) was provided with a…View ↗
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Jan 31, 2024
SRMI acquired Atlas's management subsidiaries for debt relief
SRMI acquired AGMI and UBI Holdings in exchange for satisfaction of approximately $12.7 million owed.
Sources
8-K, filed Jan 31, 2024
On January 25, 2024, Atlas Financial Holdings, Inc., a Cayman Islands exempted company limited by shares (the “Company”), and a direct…View ↗
Shrank. Revenue fell 98% in 4 years, from $222M in FY2017 to $4.8M in FY2021, about 62% a year.
From insurer to agency
The older report describes Atlas underwriting commercial auto policies through its insurance subsidiaries alongside AGMI. The latest report centers on AGMI as an agency writing policies for outside carriers, with Atlas relying less on wholly owned insurers to take the risk.
10-K for FY2018, filed Feb 12, 2020 10-K for FY2021, filed Mar 31, 2022Our core business is the underwriting of commercial automobile insurance policies, focusing on the “light” commercial automobile sector…View ↗
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