ATLAS ANNOUNCES 2010 RESULTS

TORONTO, April 18 /CNW/ -- 
TORONTO, April 18 /CNW/ - (TSX.V: AFH) Atlas Financial Holdings, Inc.
 ("Atlas" or the "Company") today announced its financial results for
 the fourth quarter and year ended December 31, 2010. All amounts are in
 U.S. dollars unless indicated otherwise.


As at December 31, 2010, after all adjustments relating to the Company's
 qualifying transaction and the fourth quarter results, shareholder's
 equity was  $60.2 million.  Factoring in the Company's $18 million
 convertible preferred shares, shareholder's equity was $42.2 million or
 $2.30 per outstanding share. Key elements affecting book value in the
 fourth quarter were:


    --  approximately $9.1 million of non-cash impairments and
        adjustments to deferred income tax assets and liabilities as a
        result of the qualifying transaction;
    --  approximately $0.4 million reduction relating to a non-cash
        adjustment to assets held for sale; and
    --  the remainder from fourth quarter results of operations and
        expenses including non-recurring management fees and interest
        expense of approximately $1.0 million relating to the former
        parent of the Company's subsidiaries.



The Company reported a net loss of $11.4 million or a loss of $0.62 per
 share diluted for the fourth quarter, and a net loss of $21.8 million
 or a loss of $1.19 per share diluted for the year ended December 31,
 2010.


Activities Subsequent to Qualifying Transaction and Management Outlook


On January 6, 2011, the Company's ordinary voting shares began trading
 under the ticker symbol "AFH" on the TSX Venture Exchange.  Following
 the listing, A.M. Best upgraded the issuer credit rating of each of
 American Country Insurance Company ("ACIC") and American Service
 Insurance Company, Inc. ("ASIC") to "B" with an outlook of "stable"
 from "B-" with an outlook of "under review".


Through the date of this release, the Company has been experiencing a
 positive reaction from its customers, agents and other strategic
 partners:


    --  applications for new business in the first quarter of 2011 are
        up 29% over the fourth quarter of 2010 and up 85% over the
        third quarter of 2010; and
    --  inquiries have been received from a number of new agents and
        commitments from existing agents to return to historic levels
        of production have been communicated.



Renewal of in-force business from 2010 is also trending in a positive
 direction:


    --  we renewed 69% of the policies in our core lines of business
        with expirations in the first quarter of 2011, on a weighted
        average basis where we offered renewals, versus 19% in the
        first quarter of 2010; and
    --  premium for first quarter renewal policies was marginally
        greater than expiring policies by 11%, as a result of pricing
        changes and changes in policy terms.



Though management believes that the foregoing statistics are leading
 indicators that suggest a positive effect on premium and the Company's
 results over time, no assurances can be made that these indicators will
 result in improved earnings or increased revenue.  As a result of the
 Company's focus on writing only business that is adequately priced
 coupled with the earning of premium over a given policy period, results
 will be seen more gradually than the indicators themselves.


Effective with the release of its first quarter 2011 financial results,
 Atlas will be required to report under the principles of International
 Financial Reporting Standards, or IFRS.


Formation of Atlas (Major Events in 2010)


    --  in May 2010, the Company (then known as "JJR VI Acquisition
        Corp.") announced the proposed acquisition of ACIC  and ASIC as
        the Company's qualifying transaction;
    --  on December 14, 2010, the Company entered into an agreement and
        plan of  merger to effect the qualifying transaction;
    --  in connection with the qualifying transaction, the Company
        consolidated its common shares on the basis of one
        post-consolidation share for every ten pre-consolidation shares
        and continued its corporate existence from Ontario to the laws
        of the Cayman Islands;
    --  upon the continuance to the Cayman Islands, the Company changed
        its name to "Atlas Financial Holdings, Inc." and
    --  on December 31, 2010, the Company closed the qualifying
        transaction pursuant to which ACIC and ASIC, along with their
        direct parent American Insurance Acquisition Inc. ("AIAI"),
        became wholly-owned subsidiaries of the Company.



Continuation Accounting


Because the Company was formed through a reverse triangular merger, the
 consolidated financial statements are those of Atlas and its
 subsidiaries and have been prepared in accordance Financial Accounting
 Standards Board ("FASB") Accounting Codification Standard ("ACS") 805.40 Reverse
 Acquisitions. Accordingly, and as a result of the December 31, 2010 merger date,
 shareholder's equity and earnings per share information provided herein
 reflect the ordinary voting shares outstanding at the date of the
 merger as well as the ordinary voting shares, restricted voting shares
 and preferred shares that were issued in connection with the merger, as
 if such capitalization structure were in place during each of the years
 for which financial information is being provided.


Financial Statement Presentation


These financial statements reflect the consolidated results of Atlas for
 the periods ended December 31, 2010 and 2009 based on historical
 financial statements of the Company's subsidiaries AIAI, ACIC and ASIC.
 These financial statements and the results reflected therein contain
 certain expenses and fees that supported the infrastructure of the
 previous parent of these subsidiaries. The Company does not expect to
 incur similar expenses, which included management fees, allocated
 overhead cost, and shared infrastructure expenses, after the date of
 the qualifying transaction. For more information with respect to the
 impact of these expenses on the Company, please see the Filing
 Statement dated as at December 16, 2010 with respect to the qualifying
 transaction, including the pro forma financial statements, as filed on
 SEDAR.


Operational results for the year ended December 31, 2010:


    --  net loss of $21.8 million was recorded for 2010;
    --  29.3% of gross premiums written in 2010 was generated from
        commercial automobile insurance, the core line of the Company's
        business;
    --  gross premiums written from commercial automobile decreased by
        74% to $13.7 million compared to $52.6 million in 2009. This
        decrease was primarily a result of the actions related to the
        strategy of the former parent company of ACIC and ASIC to focus
        on private passenger non-standard automobile insurance.  This
        downward trend began to reverse in July 2010 as plans for
        Atlas' going forward strategy were communicated publicly; and
    --  investment income excluding net realized gains increased by
        57.2% to $6.0 million in 2010 compared to $3.8 million in
        2009.  The increase was primarily due to the commutation of
        affiliated reinsurance contracts which increased the amount of
        invested assets held collectively by ACIC and ASIC by $134.5
        million as at the date of such commutation.




                  

Financial    For the three months ended          For the year ended
Results              December 31                     December 31
(In millions
of U.S.
dollars,
except per
share
amounts)

                   2010    2009   Change         2010    2009    Change

Gross          $    9.3    16.4  (43.4%)   $     46.7   107.6   (57.0%)
premiums
written

Net premiums       11.6    26.5  (56.3%)         53.6    76.2   (29.7%)
earned

Underwriting      (5.0)   (9.1)  (44.7%)       (25.6)  (23.4)      9.3%
profit
(loss)

Investment          1.4     1.3     7.9%          6.0     3.8     57.2%
income
(loss)

Net realized        0.2     0.3  (34.1%)          0.9   (0.7)  (223.4%)
gains (loss)

Misc Income       (0.1)     0.4 (127.6%)        (0.5)     2.0  (127.6%)
(loss)

                                                                       

Net loss          (3.5)   (7.0)  (49.9%)       (19.2)  (18.3)      5.4%
before taxes

Tax                 7.9   (1.9) (512.6%)          2.6   (5.0)  (151.3%)
(benefit)
impact

Net loss         (11.4)   (5.1)   124.0%       (21.8)  (13.2)     64.8%
after taxes

                                                                       

                                                                       

Diluted loss         $  $(0.28)              $ (1.19) $(0.72)          
per share-       (0.62)
net loss

Loss ratio        87.0%   87.9%                 89.7%   85.1%          

Expense           53.7%   44.3%                 55.1%   42.9%          
ratio

Combined         140.7%  132.2%                144.8%  128.0%          
ratio





For the Fourth Quarter 2010


Gross Premiums Written
Gross premiums written in the fourth quarter of 2010 decreased by 43.4%
 to $9.3 million compared to $16.4 million reported in the fourth
 quarter of 2009. The decrease was due to the various steps taken to
 discontinue unprofitable programs, elimination of managing general
 agents and initial activities undertaken to transition away from
 non-standard automobile insurance.  In the fourth quarter, gross
 written premium related to Atlas' core lines of business represented
 $3.1 million or 33% of the Company's business.  Business activity
 relating to core lines experienced a lift in the fourth quarter as a
 result of initiatives following public announcements relating to the
 qualifying transaction.


Also contributing to the reduction in overall premium volumes in 2010
 was the poor economic condition in much of the U.S. and the "soft"
 property and casualty market environment.


Net Premiums Written
Net premiums written decreased 53.5% to $7.3 million for the fourth
 quarter of 2010 compared with $15.8 million for fourth quarter of 2009.
 This decrease was attributed to the same factors as described in the
 'Gross Premiums Written' section above.


Net Premium Earned
Net premiums earned were $11.6 million in the fourth quarter of 2010, a
 decrease of 56.3% compared to $26.5 million for the fourth quarter of
 2009. This decrease was attributed to the same factors as described in
 the 'Gross Premiums Written' section above.


Net Investment Income
Investment income increased 7.9% to a gain of $1.4 million in the fourth
 quarter of 2010 compared to a gain of $1.3 million for the fourth
 quarter of 2009, primarily due to increased yield from the investment
 portfolio.


Net Realized Gains and Losses
In the fourth quarter of 2010, the Company had net realized gains of
 $0.2 million, as compared to $0.3 million in the fourth quarter of
 2009. These gains related to the rebalancing of the investment
 portfolio.


Miscellaneous Income and Loss
In the fourth quarter of 2010, the Company had net realized losses of
 $0.1 million, as compared to a gain of $0.4 million in the fourth
 quarter of 2009. In December 2010, a Mobile, Alabama property and
 office building was written down by $0.4 million to an estimated
 selling price less costs to sell, reducing miscellaneous income.


Claims Incurred
Claims incurred in the fourth quarter 2010 were $10.1 million, or 87% of
 net earned premium, as compared to $23.3 million, or 88% of net earned
 premium in the fourth quarter 2009.  Claims incurred in the fourth
 quarter 2010 included the impact of non-core lines of business for
 which premium continued to earn.


Underwriting Expenses 
Underwriting and general expenses in the fourth quarter 2010 decreased
 to $4.2 million from $5.8 million in the fourth quarter 2009.  This
 28.9% reduction was primarily due to elimination of non-recurring costs
 associated with strategic change initiatives in 2009 coupled with the
 resulting reductions in operating costs achieved in 2010 as a result of
 those initiatives.  As a result of the Company's marginally greater
 decline in premiums, the expense ratio including acquisition costs
 increased to 53.7% from 44.3% for this period.


Combined Ratio 
The combined ratio in the fourth quarter 2010 was 140.7% compared with
 132.2% for the same quarter in 2009, which produced an underwriting
 loss of $5.0 million in the fourth quarter 2010 compared with a loss of
 $9.1 million in the fourth quarter 2009.


Income Tax Provision
Income tax provision for 2010 of $7.9 million included $1.2 million
 related to current year benefit on the operating loss of $3.5 million
 and the impact of the qualifying transaction on the amount of
 carry-forward net operating losses held in the gross deferred tax
 inventory.  The net deferred tax expense was $9.1 million incurred in
 connection with the qualifying transaction.


Net Income and Earnings Per Share 
In the fourth quarter of 2010, we incurred an after-tax loss from
 operations of $11.4 million compared to an after-tax loss from
 operations of $5.1 million in 2009. The loss in the fourth quarter of
 2010 was largely due to underwriting results driven by the Company's
 relatively smaller book of business and the aforementioned business
 activities and tax impacts.


Including all non-recurring expenses and qualifying transaction related
 adjustments, the fourth quarter 2010 diluted pre-tax and after-tax
 losses per share were $0.19 and $0.62, respectively, compared to fourth
 quarter 2009 diluted pre-tax and after-tax losses per share of $0.38
 and $0.28, respectively.  The equity structure of the Company was
 restated to reflect the shares issued in the reverse merger at the date
 of the qualifying transaction and for the consolidated financials
 prepared post merger to retroactively adjust the legal capital to
 reflect the legal capital at the date of the qualifying transaction.


For the years ended December 31, 2010 and 2009


Gross Premiums Written
During the year ended December 31, 2010, gross premiums written were
 $46.7 million compared to $107.6 million in 2009 representing a 57.0%
 decrease.  Written and earned premiums were reduced substantially in
 2010 as compared to 2009 and prior years as a result of the changes in
 the business coupled with the overall reduction in premium seen
 industry-wide as a result of the U.S. economic condition and insurance
 cycle.


Gross premiums written from commercial automobile decreased by 73.9% to
 $13.7 million compared to $52.6 million in 2009. This decrease was
 primarily a result of the actions related to the former parent
 company's strategy which focused on private passenger non-standard
 automobile insurance.  This downward trend began to reverse in July
 2010 as plans for Atlas' go forward strategy were communicated
 publicly.  There is a positive correlation between the economy and
 commercial automobile insurance in general.  However, public automobile
 operators may be less likely than other business classes within the
 commercial auto segment to take vehicles out of service as their
 businesses and business reputations rely heavily on availability.  With
 respect to certain business lines, such as taxi insurance, there are
 also other factors such as the cost and limited supply of medallions
 which may discourage a policy holder from taking vehicles out of
 service in the face of reduced demand for the use of the vehicle. 
 Maintaining continuous insurance on all vehicles under dispatch is an
 important aspect of our target policyholders' businesses.


Gross premiums written from non-standard automobile insurance decreased
 50.9% to $23.0 million.  This reduction in premium was consistent with
 Atlas' strategic objective of transitioning away from this line of
 business.  Although it is non-core business going forward, non-standard
 automobile insurance accounted for 49% and 44% of our gross premiums
 written for the years ended December 31, 2010 and 2009, respectively.
 The significant decrease in gross premiums written was due to the
 various steps taken to discontinue unprofitable lines, elimination of
 the managing general agents, and the run-off of Southern United Fire
 Insurance Company which was merged into ASIC in February 2010.


Also contributing to the reduction in premium volumes were continuing
 poor economic conditions in much of the U.S.


Net Premiums Written
Net premiums written decreased 65.7% to $32.5 million for the year ended
 December 31, 2010 compared with $94.6 million for the year ended
 December 31, 2009. This decrease was attributed to the same factors as
 described in the 'Gross Premiums Written' section above.


Net Premiums Earned
Net premiums earned decreased 29.7% to $53.6 million for the year ended
 December 31, 2010, compared with $76.2 million for 2009. This decrease
 was attributed to the same factors as described in the 'Gross Premiums
 Written' section above. The extent of the decrease was mitigated by the
 larger volume of business written in 2009 which was partially earned in
 2010.


Net Investment Income
Net Investment income, excluding net realized gains, increased by 57.2%
 to $6.0 million in 2010, compared to $3.8 million in 2009.  The
 increase was primarily due to the commutation of affiliated reinsurance
 contracts which increased the amount of invested assets held by the
 Company by $134.5 million at the date of the commutation.


Net Realized Gains and Losses
The Company incurred net realized investment gains in 2010 of $0.9
 million compared to net losses of $0.7 million in 2009. The net gain in
 2010 was due to rebalancing investments within the portfolio.


Miscellaneous Income and Losses
Miscellaneous loss for 2010 was $0.5 million compared to income of $2.0
 million recorded in 2009.  In 2010 the Company incurred other
 (non-investment) net realized losses of $2.1 million as a result of a
 write off a mortgage loan receivable from its former owner of $1.7
 million in June plus a write down of $0.4 million of a Mobile, Alabama
 property and office building to an estimated selling price less costs
 to sell.  These amounts were partially offset by policy installment fee
 income of $1.6 million associated with the Company's personal lines
 business.


Claims Incurred
The loss ratio for 2010 was 89.7% compared to 85.1% for 2009 due to
 increasing ultimate loss estimates for current and prior accident years.  The results for 2010 reflected an increase in the provision for unpaid
 claims occurring prior to December 31, 2010. This increase was
 approximately $4.0 million, of which $2.2 million is related to
 discontinued and non-core lines of business, increasing the ratio by
 7.4 percentage points for 2010.


The claims results included strengthening of prior years' loss
 reserves.  This movement in incurred claims, net of reinsurance, for
 the years 2010, and 2009 were increases of $5.3 million and $5.9
 million, respectively.    Also factoring into the percentage increase
 in the claims incurred ratio were the impacts of the decreasing gross
 written premium volume and corresponding decrease in net earned
 premiums on the Company's internal claims adjusting costs or
 unallocated loss adjustment expenses ("ULAE").


The Company's total gross unpaid claims provision was $132.6 million and
 $169.5 million at year end 2010 and 2009, respectively. Net of
 reinsurance recoverables, the Company's unpaid claims provision was
 $126.1 million and $164.3 million at year end 2010 and 2009,
 respectively.


Underwriting Expenses 
The expense ratio was 55.1% in 2010 and 42.9% in 2009. The higher ratio
 in 2010 was due to net premium earned decreasing at a greater rate than
 expense reductions. This is primarily due to timing of costs associated
 with the Company's strategic change program and management fees and
 costs allocated from the previous parent of the subsidiaries.  Expenses
 including legal and other professional fees increased as a percentage
 of unearned premium but were reduced by 10% on an absolute cost basis. 
 The reduction of expenses in 2010 was primarily due to elimination of
 non-recurring costs associated with strategic change initiatives in
 2009 coupled with the resulting reductions in operating costs achieved
 as a result of those initiatives.


Combined Ratio 
The combined ratio was 144.8% in 2010 compared with 128.0% in 2009,
 which produced an underwriting loss of $25.6 million compared with a
 loss of $23.4 million in 2009. The underwriting loss is attributable to
 the factors described in the 'Claims Incurred' and 'Underwriting
 Expenses' sections above.


Interest Expense 
Interest expense for 2010 was $0.8 million, compared to $0.2 million in
 2009 representing a $0.6 million increase. The increase was primarily
 due to the interest accrued on surplus notes for the full year 2010
 versus three months during 2009.  The Company's obligation under these
 notes was eliminated in connection with the qualifying transaction
 effective December, 31, 2010.


Income Tax Provision
Income tax provision for 2010 of $2.6 million includes $6.5 million
 related to current year benefit on the operating loss of $19.2 million
 and the impact of the qualifying transaction on the amount of
 carry-forward net operating losses held in the gross deferred tax
 inventory.  The net deferred tax expense was $9.1 million which was
 incurred in the fourth quarter in connection with the qualifying
 transaction.


Net Income and Earnings Per Share 
In 2010 we incurred a loss from continuing operations of $21.8 million
 compared to a loss from continuing operations of $13.2 million in 2009.
 The loss in 2010 was largely due to underwriting losses, reserve
 strengthening and income tax impact as indicated above. These factors
 have been partially offset by net realized gains on investments and the
 reduction of operating expenses.


Including all non-recurring expenses and qualifying transaction related
 adjustments, the full year 2010 diluted pre-tax and after-tax losses
 per share were $1.05 and $1.19, respectively, compared to full year
 2009 diluted pre-tax and after tax losses per share of $0.99 and $0.72,
 respectively.  The equity structure of the Company is restated to
 reflect the shares issued in the reverse acquisition at the date of the
 qualifying transaction and for the consolidated financials prepared
 post merger to retroactively adjust the legal capital to reflect the
 legal capital at the date of the qualifying transaction.


Book Value Per Share 
Book value per share increased by 22.1% to $2.30 at December 31, 2010
 from $1.88 at December 31, 2009. The increase in book value was due to
 capital contributions made by the former parent of the subsidiaries
 prior to the qualifying transaction coupled with the factors described
 above, including adjustments relating to the accounting treatment of
 the qualifying transaction.


Summarized (without notes) consolidated balance sheets, statements of
 operations and comprehensive loss follow and form part of this news
 release.






CONSOLIDATED BALANCE SHEETS

                                                 

(In thousands of U.S. dollars, except per share amounts)

                                                 

As at December 31                                                      

                                   2010                            2009

Assets                                                                 

      Cash and cash         $    19,037           $               6,695
equivalents

      Securities                154,011                         214,910

      Accrued                     1,293                           1,710
investment income

      Accounts                   13,340                          28,109
receivable and other
assets

      Due from                   11,276                           5,811
reinsurers and other
insurers

      Deferred policy             3,804                           9,399
acquisition costs

      Income taxes                    -                             271
recoverable

      Future income               6,399                           9,273
taxes

      Capital assets              1,274                           1,423

      Assets held for            15,004                               -
sale

         Total assets       $   225,438           $             277,601

                                   

Liabilities and                                                        
Shareholders' Equity

Liabilities:                                                           

      Notes payable         $         -           $              13,500

      Accounts                    6,015                           7,114
payable and accrued
liabilities

      Due to                      9,614                             640
reinsurers and other
insurers

      Unearned                   17,061                          34,286
premiums

      Unpaid claims             132,579                         169,515

          Total             $   165,269           $             225,055
liabilities 

Shareholder's equity:                                                  

      Ordinary voting       $     8,010           $               8,010
stock

      Restricted                 27,760                          27,760
voting stock

      Preferred stock            18,000                          18,000

      Contributed               116,714                          46,923
surplus

      Retained                (112,853)                        (47,196)
earnings (deficit)

      Accumulated                 2,538                           (951)
other comprehensive
income

         Total                   60,169                          52,546
shareholders' equity

         Total              $   225,438           $             277,601
liabilities and
shareholders' equity

                                                                       
                                                                       












CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended December 31

(In thousands of U.S. dollars, except per share amounts)              
               

                                           2010                    2009

Gross premiums written               $   46,679           $     107,629

Net premiums written                $    32,478           $      94,593

Revenue:                                                               

      Net premiums earned           $    53,603           $      76,233

      Net investment income               6,037                   3,880

      Net realized investment               888                   (719)
gains (losses)

      Miscellaneous income                (555)                   2,012
(loss)

                                         59,973                  81,406

Expenses:                                                              

      Claims incurred                    48,074                  64,879

      Commissions and premium            11,115                  12,257
taxes

      General, administrative            20,021                  22,529
and other expenses

        Total Expenses                   79,210                  99,665

Loss from operations before            (19,237)                (18,259)
income taxes

       Total income taxes                 2,575                 (5,024)
(recovery) 

Net loss after tax                  $  (21,812)           $    (13,235)

Per share amounts                                                      

Loss per share - net loss                                              

      Basic                         $    (1.19)           $      (0.72)

      Diluted                       $    (1.19)           $      (0.72)

Dividends declared per common       $         -           $           -
share

                                                                       





 






CONSOLIDATED STATEMENTS OF                           
COMPREHENSIVE INCOME (LOSS)

                                                     

(In thousands of U.S. dollars)                       

                                                     

Years ended December                                                   
31

                                   2010                            2009

Comprehensive income                                                   
(loss)

Net loss                     $ (21,812)           $            (13,235)

Other comprehensive                                                    
income (loss), net of
taxes:

• Change in                                                      
unrealized gains
(losses) on
available-for-sale
securities:

      Unrealized gains            3,514                           2,444
arising during the
year, net of income
taxes((1))

      Reclassification                             
adjustment for losses
realized in the net
loss, net of income
tax benefit ((2))                 (203)                           (910)

• Minimum                   (153)                             175
pension liability
adjustment

Other comprehensive             (3,158)                           1,709
income (loss)

Comprehensive income         $ (18,654)           $            (11,526)
(loss)





(1)   Net of income tax expense of Nil in 2010, $(1,259) in 2009.
(2)   Net of income tax  benefit of Nil in 2010, $469 in 2009.





Additional Information


Additional information about Atlas, including a copy of its Annual
 Report for the year ended December 31, 2010 and its audited
 consolidated financial statements for the years ended December 31, 2010
 and 2009, can be accessed on the Canadian Securities Administrators'
 website at www.sedar.com or through the Company's website at www.atlas-fin.com.


About Atlas       


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 subsidiaries American
 Country Insurance Company and American Service Insurance Company, Inc. 
 Atlas' operating subsidiaries have decades of experience with a
 commitment to always be an industry leader in these specialized areas
 of insurance.                           


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
 Annual Report and Management Discussion and Analysis 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.


 


 


 


 


 


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p Scott Wollney, Chief Executive Officer of Atlas Financial Holdings, Inc.  at 847-700-8600 /p 

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