Atlas Financial reports Q2 EPS 47c, consensus 44c
Reports Q2 revenue $56.7M, consensus $51.83M. Scott D. Wollney, Atlas' President and CEO, stated, "Atlas reported a strong underwriting quarter, as our focus continues to be on bottom line execution. We are very pleased to report a favorable combined ratio and continue to emphasize underwriting margin over top line growth. During the first half of this year, we've demonstrated price leadership in our specialized niche market with rate increases in most areas across the country. In addition, we continue to believe that the benefits of implementation of predictive analytics in both underwriting and claims will play an important role in margin expansion. Pricing levels are higher than have been seen in more than a decade with indications that the hard market condition will continue for some time. As has been the case in prior years where rate increases were accelerated, renewal retention and new business hit rates were lower than average. However, we expect competitors to follow suit which should enable us to continue to grow with expanding margins. In the meantime, a larger than proportionate percentage of the business we did write is indicated to generate above average profit."