Atlas Financial gives update on ongoing strategic review
Atlas Financial Holdings announced an update with respect to the strategic review announced on March 4 and April 10. The company has been evaluating recent historic results, current business trends and regulatory constraints. The following strategic activities have been identified as value maximizing for the company's shareholders, bondholders and other stakeholders: Focusing Global Liberty Insurance Company of New York's resources on New York area business to leverage the subsidiary's heritage in this large and specific market. Transitioning other business to alternative markets through the company's wholly owned Managing General Agency, Anchor Group Management, to leverage the team, distribution systems and other resources aligned under this business unit. Atlas continues to retain Sandler O'Neill + Partners as its financial advisor to work with the company, along with other advisors, to further evaluate opportunities with the goal of facilitating shareholder value generation, including the potential sale of the company, one or more insurance company subsidiaries, AGMI, or other assets, and balance sheet strengthening options while the three primary strategic activities provided above are executed. This process is ongoing. The company also announced that on August 16, it received a delinquency notification letter from the Nasdaq stating that the company was not in compliance because the company had not timely filed its quarterly report on Form 10-Q for the quarter ended June 30. The company said that regaining full compliance with Nasdaq Stock Market listing requirements is a high priority.