Atlas Financial Holdings Files 2019 Annual Report on Form 10-K; Outlines Business Strategy as Technology-Focused Managing General Agent in Light Commercial Auto
Summary
The Annual Report notes the Company’s previously announced strategic shift focusing on its technology driven commercial auto managing general agency (“MGA”) as its primary business, related infrastructure re-organization, and the impact on results. Atlas has streamlined operations around business activities it believes will leverage its core competencies, reduce exposure to legacy risks, and produce positive income going forward. Atlas is also focusing on re-launching its fully digital proprietary optOn™ platform which provides micro-duration usage based commercial auto coverage for TNC drivers as well as other independent contractors in the gig economy space. Our recently announced transactions with Buckle and National Interstate are great examples of partnerships which utilize the strength of our MGA, where we have built a scalable platform for growth using a ‘capital light’ model.” Mr. Wollney continued, “Prior to the COVID-19 pandemic, U.S. commercial auto insurance business represented approximately $43 billion in annualized premiums. Atlas’ specialized infrastructure is designed to leverage analytics, expertise and technology to efficiently and profitably provide insurance solutions for independent contractors, owner operators and other smaller accounts.