CHICAGO, Jan. 30, 2012 /CNW/ - Atlas Financial Holdings, Inc. ("Atlas" or the "Company";TSXV: AFH) announced today that A.M. Best Co. affirmed the financial strength rating of Atlas' operating subsidiaries American Country Insurance Company ("ACIC") and American Service Insurance Company, Inc. ("ASI") as "B". Both companies are members of the American Service Pool. The outlook assigned to all ratings is "Stable".
"In a year where A.M. Best Co. has been quoted as saying that they expect negative rating actions to outweigh positive actions in the commercial insurance space, we are pleased to have received this affirmation and believe it reflects the positive direction of our operations over the past year," said Scott D. Wollney, President & CEO of Atlas. "We are committed to maintaining an informative dialogue with A.M. Best Co. as we continue to execute our business strategy."
A.M. Best Co. also affirmed the issuer credit ratings ("ICR") of ACIC and ASI 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 operating insurance subsidiaries American Country Insurance Company and American Service Insurance Company, Inc. Atlas' operating insurance subsidiaries have decades of experience with a commitment to always be an industry leader in these specialized areas of insurance.
Additional information about Atlas, including a copy of the Company's most recent financial statements and MD&A, can be accessed on the Canadian Securities Administrators' website at www.sedar.com or through the Company's website at www.atlas-fin.com.
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding the Company and its 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 our Management Discussion and Analysis and Annual Report for the year ended December 31, 2010 . 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 the Company 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Scott Wollney, Chief Executive Officer of Atlas Financial Holdings, Inc. at 847-700-8600