8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  November 4, 2013

Atlas Financial Holdings, Inc.

(Exact name of Registrant as specified in its charter)

Commission File Number
000-54627
CAYMAN ISLANDS	27-5466079
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
150 NW POINT BOULEVARD	60007
Elk Grove Village, IL	(Zip Code)
(Address of principal executive offices)

 Registrant’s telephone number, including area code: (847) 472-6700

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

On November 4, 2013, Atlas Financial Holdings, Inc. ("Atlas") reported its results for the quarter ended September 30, 2013. The press release and the investor supplement are furnished as Exhibits 99.1 and 99.2 to this report. The information contained in the press release and the investor supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1 - Earnings Press Release, dated November 4, 2013, issued by Atlas Financial Holdings, Inc.

Exhibit 99.2 - Investor Supplement, dated November 5, 2013, issued by Atlas Financial Holdings, Inc.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ATLAS FINANCIAL HOLDINGS, INC.

(Registrant)

/s/ Paul A. Romano

By: Paul A. Romano

(Vice President and Chief Financial Officer)

August 12, 2013

EX-99.1

Atlas Financial Holdings Announces 2013 Third Quarter Financial Results

Company to Hold Conference Call November 5, 2013 at 8:30 a.m. ET

Third Quarter 2013 Financial Performance Summary (Comparisons to Third Quarter 2012 Unless Noted):

• Gross premium written increased by 37.3%, which included an increase of 40.2% in our core commercial auto business

• Premium related to core products was written in 39 states during the three month period ended September 30, 2013

• The combined ratio improved by 3.7 percentage points to 93.9%

• Underwriting results improved by $832,000

• Operating income was $1.7 million for the three month period ended September 30, 2013 as compared to $877,000 for the three month period ended September 30, 2012

• For the nine month period ended September 30, 2013, operating income was $4.0 million compared to $655,000 for the nine month period ended September 30, 2012

• $18 million of preferred shares were redeemed at a discount of $1.8 million

• Diluted earnings per common share was $0.39, including $0.21 per share impact of the preferred share buyback

• Book value per common share on September 30, 2013 was $6.50, compared to $6.55 at December 31, 2012 and $6.45 at September 30, 2012

Chicago, Illinois (November 4, 2013) - Atlas Financial Holdings, Inc. (NASDAQ: AFH) ("Atlas" or the "Company") today reported its financial results for the third quarter ended September 30, 2013.

Management Comments

“In the third quarter, we continued to increase underwriting profit, the primary value driver in our business,” Scott D. Wollney, Atlas' President & CEO stated, “We saw incremental signs of market improvement both in terms of competition and rates within our specialty commercial auto niche and believe this trend will continue as we transition towards a hard insurance market.”

Financial and Operational Review

Net Income: Atlas generated net income of $1.7 million, or $0.18 per diluted common share, for the three month period ended September 30, 2013. Including the impact of the buyback discount of the preferred shares of $1.8 million or $0.21 per diluted common share, diluted earnings per common share in the three month period ended September 30, 2013 was $0.39. This compares to net income of $1.7 million or $0.17 per diluted common share in the three month period ended September 30, 2012.

Gross Premium Written: For the three month period ended September 30, 2013, gross premium written was $32.1 million compared to $23.4 million in the three month period ended September 30, 2012, representing a 37.3% increase. In the three month period ended September 30, 2013, gross premium written from commercial automobile was $31.0 million, representing a 40.2% increase relative to the three month period ended September 30, 2012. Of the $8.7 million increase in commercial auto premium written, $2.8 million resulted from the Gateway acquisition. Excluding our Excess Taxi program which renewed in the third quarter but is not expected to vary considerable in size year over year, gross premium written on core lines increased 89.7% as compared to the same quarter 2012.

Geographic Distribution: Compared to the three month period ended September 30, 2012, we experienced growth in gross premium written in 39 states in the three month period ended September 30, 2013. Of those 39 states, we experienced quarter over quarter growth of greater than 100% in 26. This includes the impact from the Gateway acquisition as well as organic expansion. Altogether, we had written premium in 39 states in the three month period ended September 30, 2013 compared to 30 in the three month period ended September 30, 2012 and 39 in the three month period ended June 30, 2013.

Loss and Combined Ratio: The loss ratio relating to claims incurred in the three month period ended September 30, 2013 was 63.4% compared to 65.5% in the three month period ended September 30, 2012. Atlas' combined ratio improved for the three month period ended September 30, 2013 to 93.9%, compared to 97.6% for the corresponding prior year period. The table below indicates the comparisons of each component of our combined ratio for the periods indicated:

	Three Month Periods Ended				Nine Month Periods Ended
	September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
Loss ratio	63.4	%	65.5	%	64.2	%	69.0	%
Acquisition cost ratio	15.9	%	16.6	%	14.5	%	17.1	%
Other underwriting expense ratio	14.6	%	15.5	%	17.0	%	18.5	%
Combined ratio	93.9	%	97.6	%	95.7	%	104.6	%

Underwriting Results: Underwriting results increased to $1.1 million for the three month period ended September 30, 2013, an $832,000 improvement compared to the prior year same period.

Operating Income: Atlas' Operating Income for the three month period ended September 30, 2013 was $1.7 million, or $0.18 per diluted common share, compared to $877,000 in the three month period ended September 30, 2012, or $0.10 per diluted common share. In the 2012 period, substantially all the difference between net income and Operating Income was gain realized on the sale of investments (investment gains or losses were nominal in the third quarter of 2013).

Operating Income is an internal performance measure used in the management of the Company's operations. It represents after-tax operational results excluding, as applicable, net realized gains or losses, net impairment charges recognized in earnings and other items. Operating Income should not be viewed as a substitute for U.S. GAAP net income.

Balance Sheet/Investment Overview

Book Value: Book value per diluted common share on September 30, 2013 was $6.50, compared to $6.07 at June 30, 2013 and $6.55 at December 31, 2012. Year-to-date in 2013, book value changed relative to December 31, 2012 as follows: a reduction of $0.37 related to dilution from our U.S. IPO, a reduction of $0.04 from legal and professional fees related to our acquisition of Gateway, an increase of $0.47 from net income attributable to common shareholders, and a decrease of $0.32 related to the change in unrealized gains and losses. Additionally, the impact on book value per common share related to the preferred share redemption, which was completed on August 1, 2013, is an increase of $0.22 per common share outstanding. Other share based impact for warrant exercises and share based compensation negatively impacted book value by $0.01 per share on a year-to-date basis.

Cash and Invested Assets: Cash and invested assets as of the period ended September 30, 2013 totaled $140.1 million, consisting primarily of fixed income securities.

Investment Strategy: Atlas aligns its securities portfolio to support the liabilities and operating cash needs of our insurance subsidiaries, to preserve capital and to generate investment returns. Atlas invests predominantly in corporate and government bonds with relatively short durations that correlate with the payout patterns of Atlas' claims liabilities and other liquidity needs. At September 30, 2013, the Company's average duration on its portfolio was 3.9 years.

Investment and Other Income: During the three month period ended September 30, 2013, Atlas reported investment income and other revenues of $603,000, of which $33,000 are realized gains. Realized gains of $779,000 in the three month period ended September 30, 2012 and $395,000 in the three month period ended June 30, 2013 as well as significant gains in other prior periods related to market conditions, the acquisition of Gateway and restructuring of the duration of the Company’s portfolio.

Investment Yield: The investment income and other revenues generated by the investment portfolio resulted in a 1.7% annualized yield for the three month period ended September 30, 2013, versus 2.6% in the prior period. A more significant portion of the yield in the second quarter related to capital gains than in the third quarter. The annual investment yield on a year to date basis was 2.3%.

Impact of Interest Rate Change: In the quarter ending September 30, 2013, Atlas had $192,000 of unrealized gains as a result of the impact of the slight decrease in interest rates on the market value of some of the securities we own, as compared to unrealized losses of $3.7 million in the second quarter to 2013 related to interest rate movement in the

opposite direction. The duration of Atlas' portfolio is well matched to our liquidity needs and the Company expects to hold these assets until maturity. Therefore, Atlas does not expect the near term change in market value of these securities to be realized. For Atlas’ available-for-sale fixed income securities held as of the period ended September 30, 2013, a 100 basis point increase in interest rates on such held fixed income securities would have increased net investment income and income before taxes by approximately $133,000. Conversely, a 100 basis point decrease in interest rates on such held fixed income securities would have decreased net investment income and income before taxes by $70,000. A 100 basis point increase would have also decreased other comprehensive income by approximately $4.2 million due to “mark-to-market” requirements; however, holding investments to maturity would mitigate this impact. Conversely, a 100 basis point decrease would have increased other comprehensive income by the same amount. The impacts described here are approximately linear to the change in interest rates.

Conference Call Details

Date / Time:Tuesday, November 5, 2013 - 8:30 a.m. ET

Participant Dial-In Numbers: (United States):877-423-9817

(International):201-493-6770

To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode "Atlas". Questions will be taken at the end of the call.

Webcast

The call will also be simultaneously webcast over the Internet via the “Investor Relations” section of Atlas’ website

at www.atlas-fin.com/investorrelations or by clicking on the conference call link: http://atlasfin.equisolvewebcast.com/q3-2013. Audio and a transcript of the call will be archived on the Company’s website.

Slideshow

Atlas will be utilizing an accompanying slideshow presentation in conjunction with this call. This presentation is available on the “Earnings Release Info” section of the Company's website's investor relations tab at http://www.atlas-fin.com/InvestorRelations/EarningsReleaseInfo.aspx.

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

For more information about Atlas, please visit www.atlas-fin.com.

Financial Information

Atlas' financial statements reflect consolidated results of Atlas' subsidiaries: American Insurance Acquisition Inc., American Country Insurance Company, American Service Insurance Company, Inc. and Gateway Insurance Company, Inc. Additional information about Atlas, including a copy of Atlas' 2012 Form 10-K financial statements and Management Discussion & Analysis, can be accessed via the U.S. Securities and Exchange Commission internet site at www.sec.gov, on the Canadian Securities Administrators' website at www.sedar.com, or through Atlas' website at http://www.atlas-fin.com/InvestorRelations/FinancialReports.aspx.

Forward-Looking Statements:

This release includes forward-looking statements regarding Atlas and its insurance 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 the Company's 2012 Form 10-K. 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 Atlas 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.

Contact Information:

At the CompanyInvestor Relations

Atlas Financial Holdings, Inc. The Equity Group Inc.

Scott Wollney, CEOAdam Prior, Senior Vice President

Phone: 847-700-8600           212-836-9606

swollney@atlas-fin.comaprior@equityny.com

www.atlas-fin.comwww.theequitygroup.com

Terry Downs, Associate

212-836-9615

tdowns@equityny.com

###

ATLAS FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)

(in '000s of US dollars, except for share and per share data)

Consolidated Statements of Income
	Three Month Periods Ended						Nine Month Periods Ended
	September 30, 2013 (unaudited)			September 30, 2012 (unaudited)			September 30, 2013 (unaudited)			September 30, 2012 (unaudited)
Net premiums earned	$	17,976		$	10,934		$	50,832		$	26,795
Net investment income	570			613			1,728			1,878
Net investment gains	33			779			521			1,098
Other income	—			1			8			169
Total revenue	18,579			12,327			53,089			29,940
Net claims incurred	11,399			7,165			32,617			18,477
Acquisition costs	2,863			1,813			7,359			4,582
Other underwriting expenses	2,618			1,692			8,633			4,959
Expenses incurred related to Gateway acquisition	—			—			406			—
Total expenses	16,880			10,670			49,015			28,018
Income from operations before income tax expense	1,699			1,657			4,074			1,922
Income tax expense	—			—			72			—
Net income attributable to Atlas	1,699			1,657			4,002			1,922
Add: Discount realized on preferred share buyback	1,800			—			1,800			—
Less: Preferred share dividends	(95		)	(202		)	(596		)	(606		)
Net income/(loss) attributable to common shareholders	$	3,404		$	1,455		$	5,206		$	1,316
Basic weighted average common shares outstanding	8,217,692			6,144,384			7,802,253			6,146,179
Earnings/(loss) per common share, basic	$	0.41		$	0.24		$	0.67		$	0.21
Diluted weighted average common shares outstanding	9,057,446			8,435,301			8,467,438			6,150,585
Earnings/(loss) per common share, diluted	$	0.39		$	0.17		$	0.69		$	0.21
Consolidated Statements of Comprehensive Income
Net income attributable to Atlas	$	1,699		$	1,657		$	4,002		$	1,922
Other comprehensive (loss)/income:
Changes in net unrealized (losses)/gains	226			942			(3,800		)	1.899
Reclassification to income of net realized gains	(29		)	(353		)	(239		)	(632		)
Effect of income tax	(65		)	(200		)	1,375			(427		)
Other comprehensive (loss)/income for the period	132			389			(2,664		)	840
Total comprehensive (loss)/income	$	1,831		$	2,046		$	1,338		$	2,762

ATLAS FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	September 30, 2013 (unaudited)		December 31, 2012
Assets
Investments, available for sale
Fixed income securities, at fair value (amortized cost $131,011 and $95,423)	$129,766		$98,079
Equity securities, at fair value (cost $569 and $1,563)	433		1,571
Other investments	1,249		1,262
Total Investments	131,448		100,912
Cash and cash equivalents	8,685		19,912
Accrued investment income	735		517
Accounts receivable and other assets (net of allowance of $976 and $484)	38,848		21,923
Reinsurance recoverables, net	23,046		6,020
Prepaid reinsurance premiums	2,637		2,111
Deferred policy acquisition costs	6,699		3,764
Deferred tax asset, net	8,611		6,605
Intangible assets	740		—
Software and office equipment, net	2,265		1,137
Assets held for sale	166		166
Total Assets	$223,880		$163,067
Liabilities
Claims liabilities	$104,046		$70,067
Unearned premiums	44,779		25,457
Due to reinsurers and other insurers	2,902		3,803
Note payable	7,978		—
Other liabilities and accrued expenses	8,600		3,876
Total Liabilities	168,305		103,203
Shareholders’ Equity
Preferred shares, par value per share $0.001, 100,000,000 shares authorized, 2,000,000 shares issued and outstanding at September 30, 2013, 18,000,000 shares issued and outstanding at December 31, 2012. Liquidation value $1.00 per share	2,000		18,000
Ordinary voting common shares, par value per share $0.003, 266,666,667 shares authorized, 6,970,854 shares issued and outstanding at September 30, 2013, 2,256,924 shares issued and outstanding at December 31, 2012	21		4
Restricted voting common shares, par value per share $0.003, 33,333,334 shares authorized, 1,262,471 shares issued and outstanding at September 30, 2013 and 3,887,471 shares issued and outstanding at December 31, 2012	4		14
Additional paid-in capital	163,134		152,768
Retained deficit	(108,673	)	(112,675	)
Accumulated other comprehensive (loss)/income, net of tax	(911	)	1,753
Total Shareholders’ Equity	55,575		59,864
Total Liabilities and Shareholders’ Equity	$223,880		$163,067

EX-99.2

1 Third Quarter 2013 Conference Call November 5, 2013

Statements in this presentation, including the information set forth as to the future financial or operating performance of Atlas Financial Holdings, Inc., American Country Insurance Company, American Service Insurance Company and/or Gateway Insurance Company (collectively, “Atlas”), that are not current or historical factual statements may constitute “forward looking” information within the meaning of securities laws. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Atlas, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this presentation, such statements may include, among other terms, such words as “may,” “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “estimate” and other similar terminology. These statements reflect current expectations, estimates and projections regarding future events and operating performance and speak only as to the date of this presentation. Readers should not place undue importance on forward looking statements and should not rely upon this information as of any other date. These forward looking statements involve a number of risks and uncertainties. Some of the factors facing Atlas that could cause actual results to differ materially from those expressed in or underlying such forward looking statements include: (i) market fluctuations, changes in interest rates or the need to generate liquidity; (ii) access to capital; (iii) recognition of future tax benefits on realized and unrealized investment losses; (iv) managing expansion effectively; (v) conditions affecting the industries in which we operate; (vi) competition from industry participants; (vii) attracting and retaining independent agents and brokers; (viii) comprehensive industry regulation; (ix) our holding company structure; (x) our ratings with A.M. Best; (xi) new claim and coverage issues; (xii) claims payments and related expenses; (xiii) reinsurance arrangements; (xiv) credit risk; (xv) our ability to retain key personnel; (xvi) our ability to replace or remove management or Directors; (xvii) future sales of common shares; (xviii) public company challenges; and (xix) failure to effectively execute our business plan. The foregoing list of factors is not exhaustive. See also “Risk Factors” listed in the Company’s most recent registration statement filed with the SEC. Many of these issues can affect Atlas’ actual results and could cause the actual results to differ materially from those expressed or implied in any forward looking statements made by, or on behalf of, Atlas. Readers are cautioned that forward looking statements are not guarantees of future performance, and should not place undue reliance on them. In formulating the forward looking statements contained in this presentation, it has been assumed that business and economic conditions affecting Atlas will continue substantially in the ordinary course. These assumptions, although considered reasonable at the time of preparation, may prove to be incorrect. When discussing our business operations, we may use certain terms of art which are not defined under U.S. GAAP. In the event of any unintentional difference between presentation materials and our GAAP results, investors should rely on the financial information in our public filings. Safe Harbor / Atlas Snapshot 2 NASDAQ: AFH (at 9/30/2013) Corporate Headquarters Elk Grove Village, IL (Chicago suburb) Subsidiaries / Brands American Country American Service Gateway (including Alano) Core Target Markets Taxi / Limo / Paratransit Cash and Investments $140.1M Total Assets $223.9M Total Shareholders’ Equity $55.6M Shares Outstanding 8,233,325 Shares Outstanding (diluted) 9,057,446 Book Value Per Share $6.50

Geographic Expansion Confidential: For Internal Use Only, Not Intended for Distribution • Distributing products in 40 states plus Washington D.C. • Licensed to write P&C insurance in 49 states and the District of Columbia – (New Hampshire is only State without license) • Currently distributing in all states that meet established criteria (volume, competition and profit) 3

4 2013 Third Quarter Underwriting Highlights Core Growth • Gross premium written increased by 37.3%, which included an increase of 40.2% in core commercial auto business – Quarter included excess taxi program renewal in NY – Gross premiums written, excluding excess taxi, increased 89.7% for the quarter Continued Improvement in Underwriting Results • Combined ratio improved by 3.7 percentage points year-over-year to 93.9% – Fourth straight quarter of year-over-year CR improvement • Quarterly underwriting results improved by $832,000 Strength in Agent Network / Pricing • Continued return of business from independent agent network • Pricing trends remain favorable Favorable Market Environment Continues • Generalists exiting • Market hardening

Considerable Financial Improvement Since 2010 Realignment – Focus on Core 5 Combined Operating Ratio (“COR”) 114.1% 119.7% 169.7% 107.3% 111.5% 97.6% 97.5% 98.1% 95.0% 93.9% 75.0% 100.0% 125.0% 150.0% 175.0% Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Approximately 49% of Q4 ‘11 COR related to wind- down of ACIC pension and non-core legacy reserve strengthening

-$7 -$6 -$5 -$4 -$3 -$2 -$1 $0 $1 $2 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 M ill io n s Underwriting Profit (Loss) Focus on Core Underwriting Leads to Steady Profit Trend 6 Underwriting Profit Related to wind-down of ACIC pension plan and non- core legacy reserve strengthening noted on prior slide Annualized Commercial NWP: Stat Surplus 0.36x 0.44x 0.55x 0.88x 0.92x 1.13x 1.22x 1.39x

Agent Trends / Geographic Diversification Target Market • Taxi, limousine, livery and non-emergency paratransit • Owner-operated and small operation fleets – 1-10 vehicles Agent Returns Improving with Each Quarter • Strong brand recognition and market presence • Long-standing distribution relationships • Underwriting expertise, loss data and technology • Specialized claims handling Renewal Business Continues Positive Trend • Greater percentage of growing book Strong Returns from Core Lines (up 40.2% in Q3 2013) Renewal Retention (on target) 7 Gross premium written by state (in '000s) Three Month Periods Ended September 30, 2013 September 30, 2012 New York* $ 14,638 45.6 % $ 12,991 55.6 % Louisiana 2,863 8.9 % 2,436 10.4 % Michigan 1,967 6.1 % 1,561 6.7 % Illinois 1,962 6.1 % 1,538 6.6 % California 1,249 3.9 % — — % Minnesota 1,149 3.6 % 566 2.4 % Wisconsin 1,029 3.2 % 548 2.3 % Texas 992 3.1 % 308 1.3 % Virginia 750 2.3 % 482 2.1 % Missouri 749 2.3 % 449 1.9 % Other 4,727 14.9 % 2,474 10.7 % Total $ 32,075 100.0 % $ 23,353 100.0 % * Includes excess taxi program renewal 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% Operating Activities: Underwriting (commercial business only) Renewal Retention (Policy Count) New Business Submissions (Monthly Vehicles Submitted) New Business Submissions (Car Years Annualized) Target of 85% based on current market conditions 8 0 5000 10000 15000 20000 25000 30000 0 500 1000 1500 2000 2500 3000 Actual Last Year

0 50 100 150 200 250 300 New Agents Existing Agents Bound/Application Ratio Application Count by Agent Category Operating Activities: Underwriting (commercial business only) Current target of 60%. Continuing incremental volume from new and existing agents 9 0% 10% 20% 30% 40% 50% 60% 70% 80% Note: Stacked Line

Small Accounts Medium Accounts Large Accounts Average Third Quarter 2013 3.8% 3.7% 2.6% 3.4% Second Quarter 2013 4.6% 4.7% 3.8% 4.3% First Quarter 2013 5.2% 5.3% 4.9% 5.2% Fourth Quarter 2012 5.5% 5.1% 4.4% 5.0% Third Quarter 2012 3.7% 4.5% 3.5% 3.9% Second Quarter 2012 4.3% 4.9% 3.7% 4.3% Fourth Quarter 2011 3.1% 3.5% 1.6% 2.7% High (2001,Q4) 20.8% 31.7% 33% 28.5% Low (2007,Q3) -10% (2008, Q1) -15% -15.9% -13.3% 10 Steady Rate Increases In Commercial Auto Majority of Atlas’ Target Market are Individual Entrepreneurs and Small Fleet Operators Source: The Council of Insurance Agents & Brokers

11 Stable Rate Increases

12 Market Cycle Source: The Council of Insurance Agents & Brokers. Chart prepared by Barclays Research.

Financial Highlights

Q3 2013 Financial Results • Gross premium written increased by 37.3% to $32.1 million • Underwriting results improved by $832,000 to $1.1 million • Net income was up 2.5% to $1.7 million – Prior year period included $780,000 in realized investment gains – Current period gains/losses were nominal • Basic and diluted earnings per common share were $0.41 and $0.39 respectively, including the accounting treatment for discount on preferred shares 14 9/30/2013 9/30/2012 Loss Ratio 63.4% 65.5% Acquisition Cost Ratio 15.9% 16.6% Other Underwriting Expenses 14.6% 15.5% Combined Ratio 93.9% 97.6% Return on equity (annualized) 10.9% 11.4% Return on common equity (annualized) 12.5% 15.0% Operating income per common share $0.18 $0.10 Diluted earnings per common share $0.39 $0.17 Book Value per common share $6.50 $6.45

15 Detailed Impact of Capital Market / M&A Activities on Book Value Year to Date in 2013 Book Value Impacted by: $0.47 increase in net income attributable to common shareholders $0.37 reduction related to U.S. IPO $0.04 reduction due to legal and professional fees directly related to acquisition of Gateway $0.32 reduction related to change in unrealized gains and losses $0.22 increase relating to preferred share redemption, which was completed on August 1, 2013 $0.01 reduction due to warrant exercises and share-based compensation. ($0.05) difference to September 30, 2013 from December 31, 2013 Book Value per Ordinary Share (in '000s, except for shares and per share data) September 30, 2013 December 31, 2012 Shareholders' Equity $55,575 $59,864 Preferred stock in equity $2,000 $18,000 Accumulated dividends on preferred stock $68 $1,620 Common equity $53,507 $40,244 Shares outstanding 8,233,325 6,144,395 Book value per common share outstanding $6.50 $6.55

($ in thousands) September 30, 2013 December 31, 2012 Cash and Investments $140,133 $120,824 Total Investments $131,448 $100,912 Total Assets $223,880 $163,067 Claim Reserves (Gross) (1) (2) $104,046 $70,067 Total Shareholders’ Equity $55,575 $59,864 16 (1) Atlas’ purchase of American Country and American Service included $10 million limit of adverse development protection (90% quota share after $1 million) based on reserves as of September 30, 2010, which has not been utilized. (2) Gateway Acquisition included $2 million of adverse development protection • Attractive investment leverage • Long Term Debt-free balance sheet • Acquisitions with adverse development protection Strong Balance Sheet $603,000 of Investment Income and Realized Gains, Representing a 1.7% Annual Yield with investment leverage of 2.5X for the Company’s Shareholders.

Investment Portfolio Conservative Investment Approach • Emphasize preservation of capital, market liquidity to support payment of liabilities and diversification of risk • Investment duration re-positioned to match core commercial auto reserve liabilities Substantial Investment Portfolio • As of Sept. 30, 2013, total investments equaled $131.4 million, of which $130.0 are fixed income • Predominantly corporate and government bonds • Average duration of 3.9 years • Average S&P rating of AA 17 Government 39% Corporate 34% Commerical Mortgage 18% Other Asset Backed 9% Equities 0% Investment Portfolio (9/30/2013) (1) (1) American Country Insurance Company, American Service Insurance Company, Inc. and Gateway Insurance Company Credit ratings of fixed income securities portfolio (in '000s) As of: September 30, 2013 December 31, 2012 Amount % of Total Amount % of Total AAA/Aaa $ 78,839 61 % $ 58,765 60 % AA/Aa 13,213 10 % 7,569 8 % A/A 23,039 18 % 19,894 20 % BBB/Baa 14,154 11 % 11,617 12 % Total Securities $ 129,245 100 % $ 97,845 100 %

For Additional Information At the Company: Scott Wollney Chief Executive Officer swollney@atlas-fin.com 847-700-8600 Investor Relations: The Equity Group Inc. Adam Prior Senior Vice President APrior@equityny.com 212-836-9606 Terry Downs Associate TDowns@equityny.com 212-836-9615 Nasdaq: AFH November 5, 2013