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
"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.
SOURCE Atlas Financial Holdings, Inc.
For further information:
Scott Wollney, Chief Executive Officer of Atlas Financial Holdings, Inc. at 847-700-8600