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):  March 10, 2014.

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 March 10, 2014 , Atlas Financial Holdings, Inc. ("Atlas") reported its results for the quarter ended December 31, 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 March 10, 2014, issued by Atlas Financial Holdings, Inc.

Exhibit 99.2 - Investor Supplement, dated March 11, 2014, 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)

March 10, 2014

EX-99.1

Atlas Financial Holdings Announces 2013 Fourth Quarter Financial Results

Company to Hold Conference Call on March 11, 2014 at 8:30 a.m. ET

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

• Gross premium written increased by 106.2%, which included an increase of 124% in its core commercial auto business

• Premium related to core products was written in 39 states during the three month period ended December 31, 2013

• The combined ratio improved by 6.0 percentage points to 91.4%

• Underwriting results improved by $1.4 million

• Operating income was $2.2 million for the three month period ended December 31, 2013 as compared to $880,000 for the three month period ended December 31, 2012

• 1,190,409 warrants were exercised in the fourth quarter of 2013, proceeds were used to satisfy the final payment related to the previously announced buy back of convertible preferred shares

• Diluted earnings per common share was $0.22 for the three month period ended December 31, 2013 as compared to $0.15 for the three month period ended December 31, 2012

• Book value per common share on December 31, 2013 was $6.54 compared to $6.55 at December 31, 2012

Chicago, Illinois (March 10, 2014) - Atlas Financial Holdings, Inc. (NASDAQ: AFH) ("Atlas" or the "Company") today reported its financial results for the fourth quarter and the full year ended December 31, 2013.

Management Comments

“In the fourth quarter, the unique attributes of our niche market created opportunities that appeared to be more positive than the overall commercial auto insurance segment,” Scott D. Wollney, Atlas' President & CEO stated, “We were successful in continuing to improve each of our operating ratios and to grow at a strong rate through recapture of historically written business as well as organic growth in expansion states."

Financial and Operational Review

Net Income: Atlas generated net income of $2.2 million for the three month period ended December 31, 2013. This compares to net income of $1.2 million in the three month period ended December 31, 2012.

Gross Premium Written: For the three month period ended December 31, 2013, gross premium written was $22.1 million compared to $10.7 million in the three month period ended December 31, 2012, representing an increase of 106.2%. Of the $11.4 million increase in commercial auto premium written, $2.5 million resulted from the Company's acquisition of Gateway Insurance Company in January 2013.

Geographic Distribution: Atlas' core lines of business are becoming increasingly diversified from a geographic standpoint, with 55% of gross premium written in 2013 generated in its five largest states as compared to 70% in 2012.

Loss and Combined Ratio: The loss ratio relating to claims incurred in the three month period ended December 31, 2013 was 63.3% compared to 67.7% in the three month period ended December 31, 2012. Atlas' combined ratio improved for the three month period ended December 31, 2013 to 91.4%, compared to 97.4% for the corresponding prior year period. The table below indicates the comparisons of each component of the Company's combined ratio for the periods indicated:

	Three Month Period Ended				Twelve Month Period Ended
	December 31, 2013		December 31, 2012		December 31, 2013		December 31, 2012
Loss ratio	63.3	%	67.7	%	63.9	%	68.6	%
Acquisition cost ratio	14.7	%	15.9	%	14.5	%	16.7	%
Other underwriting expense ratio	13.4	%	13.8	%	16.0	%	17.1	%
Combined ratio	91.4	%	97.4	%	94.4	%	102.4	%

Underwriting Results: Underwriting results increased to $1.8 million for the three month period ended December 31, 2013, a $1.4 million improvement compared to the prior year same period.

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. Generally Accepted Accounting Principles (U.S. GAAP) net income. The table below reconciles U.S. GAAP net income to operating income ($ in '000's):

	Three Month Period Ended				Twelve Month Period Ended
	December 31, 2013		December 31, 2012		December 31, 2013		December 31, 2012
U.S. GAAP net income	$	2,178	$	1,244	$	6,180	$	3,166
Add: Expenses incurred related to Gateway Acquisition	-		-		406		-
Less: Net investment gains	8		338		529		1,435
Less: Other income	5		26		13		194
Operating Income	$	2,165	$	880	$	6,044	$	1,537

Operating Income: Atlas' Operating Income for the three month period ended December 31, 2013 was $2.2 million compared to $880,000 in the three month period ended December 31, 2012. 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 fourth quarter of 2013).

Earnings per share ("EPS"): Atlas generated $0.25 per share basic and $0.22 per share diluted for the three month period ended December 31, 2013. This compares to $0.17 per share basic and $0.15 per share diluted in the three month period ended December 31, 2012.

In computing the diluted earnings per share on a year to date basis, the Company included the dilutive impact of the convertible preferred shares that were redeemed during the third quarter of 2013 on a pro-rata basis for the period during which those convertible preferred shares were outstanding.  This dilutive impact increased the denominator in the full year 2013 diluted EPS computation by 1,333,500 shares; however, this has no impact on the actual earnings used for the numerator in the EPS computation.  The Company did not include the dilutive impact related to the third quarter redemption of the convertible preferred shares in its diluted EPS computations in the amounts of 762,000 shares and 1,778,000 shares for the third quarter 2013 or the year to date September 30, 2013 computation, respectively.  This had no impact on the actual earnings used for the numerator in the EPS computation for the third quarter 2013.  Including the dilutive impact of the redeemed convertible preferred shares on a pro-rata basis for the period during which those convertible preferred shares were outstanding, the diluted EPS for the third quarter 2013 would have been $0.36 and the diluted EPS for year to date September 30, 2013 would have been $0.56 as compared to the previously reported amounts of $0.39 and $0.69, respectively. 

Diluted earnings per share for the full year 2013 was $0.74. The impact of accounting treatment for preferred shares redeemed decreased diluted earnings per share for the year by $0.10. Future diluted earnings per share computations will not be impacted by the convertible impact of the preferred shares which were redeemed.

Balance Sheet/Investment Overview

Book Value: Book value per diluted common share on December 31, 2013 was $6.54, compared to $6.55 at December 31, 2012. Book value changed relative to December 31, 2012 as follows: an increase of $0.42 from net income attributable to common shareholders, an increase of $0.22 attributable to the decrease in deferred tax asset ("DTA") valuation allowance, a decrease of $0.35 related to the change in unrealized gains and losses, a reduction of $0.37 related to dilution from Atlas' U.S. IPO, a reduction of $0.12 related to the dilution impact of warrant exercises and share based compensation, and an increase of $0.19 related to the discount on the preferred share buyback.

Cash and Invested Assets: Cash and invested assets as of the period ended December 31, 2013 totaled $139.9 million, consisting primarily of fixed income securities as compared to $120.8 million as at December 31, 2012.

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 overall durations that correlate with the payout patterns of Atlas' claims liabilities and other liquidity needs. At December 31, 2013, the Company's contractual duration on its portfolio was 4.7 years. The Company's investment allocations will be regularly reviewed based on market conditions with a continued emphasis on capital preservation to support growth in its operating business.

Investment and Other Income: During the three month period ended December 31, 2013, Atlas reported investment income and other revenues of $424,000, of which $8,000 are realized gains as compared to investment income and other revenues of $939,000, of which $338,000 were realized gains in the three month period ended December 31, 2012. Marking certain securities to market in the fourth quarter 2013 reduced net income by $0.03 per diluted share.

Investment Yield: The investment income and other revenues generated by the investment portfolio resulted in a 2.0% annualized yield for the three month period ended December 31, 2013, versus 3.4% in the for the three month period ended December 31,2012, with a significant portion of the yield in the fourth quarter 2012 resulting from capital gains. The annual investment yield on a year to date basis was 2.0%.

Impact of Interest Rate Change: For Atlas’ available-for-sale fixed income securities held as of the year ended December 31, 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 $105,000. Conversely, a 100 basis point decrease in interest rates on such held fixed income securities would decrease net investment income and income before taxes by $70,000. A 100 basis point increase would have also decreased other comprehensive income by approximately $4.3 million due to “mark-to-market” requirements; however, holding investments to maturity would mitigate this impact over time. Conversely, a 100 basis point decrease would increase 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, March 11, 2014 - 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://atlas-fin.equisolvewebcast.com/q4-2013. 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., Camelot Services, Inc., American Country Insurance Company, American Service Insurance Company, Inc. and Gateway Insurance Company, Inc. Additional information about Atlas, including a copy of Atlas' 2013 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 2013 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)

	Three Month Period Ended						Twelve Month Period Ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Net premiums earned	$	20,512		$	11,914		$	71,344		$	38,709
Net investment income	411			575			2,141			2,453
Net investment gains	8			338			529			1,435
Other income	5			26			13			194
Total revenue	20,936			12,853			74,027			42,791
Net claims incurred	12,995			8,069			45,612			26,545
Acquisition costs	3,013			1,890			10,373			6,471
Other underwriting expenses	2,750			1,650			11,384			6,609
Expenses incurred related to Gateway acquisition	—			—			406			—
Total expenses	18,758			11,609			67,775			39,625
Income from operations before income tax expense	2,178			1,244			6,252			3,166
Income tax expense	—			—			72			—
Net income attributable to Atlas	2,178			1,244			6,180			3,166
Add: Discount realized on preferred share buyback	—			—			1,800			—
Less: Preferred share dividends	23			204			619			810
Net income attributable to common shareholders	$	2,155		$	1,040		$	7,361		$	2,356
Basic weighted average common shares outstanding	8,617,477			6,144,384			8,007,458			6,144,281
Earnings per common share, basic	$	0.25		$	0.17		$	0.92		$	0.38
Diluted weighted average common shares outstanding	9,801,896			8,435,691			10,840,868			8,434,948
Earnings per common share, diluted	$	0.22		$	0.15		$	0.74		$	0.38
Consolidated Statements of Comprehensive Income
Net income attributable to Atlas	$	2,178		$	1,244		$	6,180		$	3,166
Other comprehensive (loss)/income:
Changes in net unrealized (losses)/gains	(554		)	(454		)	(4,354		)	1,446
Reclassification to income of net realized gains	(230		)	(316		)	(469		)	(948		)
Effect of income tax	266			258			1,642			(170		)
Other comprehensive (loss)/income for the period	(518		)	(512		)	(3,181		)	328
Total comprehensive income	$	1,660		$	732		$	2,999		$	3,494

ATLAS FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in '000s, except for share and per share data)	December 31, 2013			December 31, 2012
Assets
Investments, available for sale
Fixed income securities, at fair value (Amortized cost $130,751 and $95,423)	$	128,585		$	98,079
Equity securities, at fair value (cost $258 and $1,563)	258			1,571
Other investments	1,234			1,262
Total Investments	130,077			100,912
Cash and cash equivalents	9,811			19,912
Accrued investment income	694			517
Accounts receivable and other assets (Net of allowance of $776 and $484)	37,944			21,923
Reinsurance recoverables on reserves	18,144			5,681
Reinsurance recoverables on amounts paid	1,002			339
Prepaid reinsurance premiums	2,207			2,111
Deferred policy acquisition costs	6,674			3,764
Deferred tax asset, net	9,319			6,605
Intangible Assets	740			—
Software and office equipment, net	2,500			1,137
Assets held for sale	166			166
Total Assets	$	219,278		$	163,067
Liabilities
Claims liabilities	$	101,385		$	70,067
Unearned premiums	44,232			25,457
Due to reinsurers and other insurers	2,613			3,803
Other liabilities and accrued expenses	7,350			3,876
Total Liabilities	$	155,580		$	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 December 31, 2013 and18,000,000 shares issued and outstanding December 31, 2012. Liquidation value $1.00 per share	$	2,000		$	18,000
Ordinary common shares, par value per share $0.003, 266,666,667 shares authorized, 9,291,871 shares issued and outstanding at December 31, 2013 and 2,256,921 at December 31, 2012	28			4
Restricted common shares, par value per share $0.003, 33,333,334 shares authorized, 132,863 shares issued and outstanding at December 31, 2013 and 3,887,471 at December 31, 2012	—			14
Additional paid-in capital	169,595			152,769
Retained deficit	(106,496		)	(112,676		)
Accumulated other comprehensive (loss) income, net of tax	(1,429		)	1,753
Total Shareholders’ Equity	63,698			59,864
Total Liabilities and Shareholders’ Equity	$	219,278		$	163,067

EX-99.2

1 Fourth Quarter and Year End 2013 Conference Call March 11, 2014

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 12/31/2013) 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 $139.9M Total Assets $219.3M Total Shareholders’ Equity $63.7M Common Shares Outstanding 9,424,734 Book Value Per CommonShare $6.54

3 2013 Fourth Quarter Underwriting Highlights Core Growth • Q4 gross premium written increased by 106.2% in to $22.1 million versus Q4 2012 – Included an increase of 124% in core commercial auto business Continued Improvement in Underwriting Results • Combined ratio improved by 8 percentage points year-over-year to 94.4% – Sixth straight quarter of CR under 100% • Quarterly underwriting results improved by $1,449,000 Strength in Agent Network / Pricing • Continued return of business from independent agent network • Pricing trends remain favorable

Geographic Expansion • Distributing products in 40 states plus Washington D.C. • Licensed to write P&C insurance in 49 states and the District of Columbia • Currently distributing in all states that meet established criteria (volume, competition and profit) 4

Agent Trends / Geographic Diversification 5 * Includes excess taxi program renewal 2013 Geographic Concentration $93.0 Million in GPW * Diversified Book of Business • Excluding New York excess taxi program, no state represented more than 12.1% of total GPW • Continued return of business from independent agent network

Considerable Financial Improvement Since 2010 Realignment – Focus on Core 6 Combined Operating Ratio (“COR”) 114.1% 119.7% 169.7% 107.3% 111.5% 97.6% 97.5% 98.1% 95.0% 93.9% 91.4% 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 Q4'13 Approximately 49% of Q4 ‘11 COR related to wind- down of ACIC pension and non-core legacy reserve strengthening

-$7.0 -$6.0 -$5.0 -$4.0 -$3.0 -$2.0 -$1.0 $0.0 $1.0 $2.0 $3.0 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 M ill io n s Focus on Core Underwriting Leads to Steady Profit Trend 7 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 1.51x

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 3500 4000 4500 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 Note: Stacked Line 0% 10% 20% 30% 40% 50% 60% 70% 80%

Small Accounts Medium Accounts Large Accounts Average Fourth Quarter 2013 2.6% 2.4% 1.4% 2.1% 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% 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 Market Cycle Source: The Council of Insurance Agents & Brokers. Chart prepared by Barclays Research.

Financial Highlights

2013 Q4 and YE Financial Results Fourth Quarter • Gross premium written increased by 106.2% to $22.1 million • Underwriting results improved by $1.4 million • Net income was up 75% to $2.2 million • Diluted earnings per common share were $0.22, compared to $0.15 13 Quarter 12/31/2013 12/31/2012 Loss Ratio 63.3% 67.7% Acquisition Cost Ratio 14.7% 15.9% Other Underwriting Expenses 13.4% 13.8% Combined Ratio 91.4% 97.4% Year • Gross premium written increased by 69.0% to $93.0 million • Underwriting results improved by $4.9 million • Net income was up 95.2% to $6.2 million • Diluted earnings per common share were $0.74, compared to $0.38 Year 12/31/2013 12/31/2012 Loss Ratio 63.9% 68.6% Acquisition Cost Ratio 14.5% 16.7% Other Underwriting Expenses 16.0% 17.1% Combined Ratio 94.4% 102.4%

14 Detailed Impact of Changes to Book Value per Common Share 2013 Book Value Impacted by: $0.44 increase in net income attributable to common shareholders 0.22 Increase related to decrease in DTA valuation allowance (0.02) reduction related to dividends on outstanding preferred shares 0.19 increase relating to preferred share redemption, which was completed on August 1, 2013 (0.37) reduction related to U.S. IPO (0.35) reduction related to change in unrealized gains and losses (0.12) reduction due to warrant exercises and share-based compensation ($0.01) Total Change From December 31, 2012 Book Value per Common Share Book Value per Common Share (in '000s, except for shares and per share data) December 31, 2013 December 31, 2012 Shareholders' equity $63,698 $59,864 Preferred stock in equity 2,000 18,000 Accumulated dividends on preferred stock 90 1,620 Common equity $61,608 $40,244 Shares outstanding 9,424,734 6,144,392 Book value per common share outstanding $6.54 $6.55

($ in thousands) December 31, 2013 December 31, 2012 Cash and Investments $139,888 $120,824 Total Assets $219,278 $163,067 Claim Reserves (Gross of Reinsurance) (1) (2) $101,385 $70,067 Total Shareholders’ Equity $63,698 $59,864 15 (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

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 Dec. 31, 2013, total investments equaled $130.1 million, of which $128.6 million are fixed income • Predominantly corporate and government bonds • Average duration of 4.7 years • Average S&P rating of AA 16 Government 39% Corporate 35% Commerical Mortgage 17% Other Asset Backed 9% Equities 0% Investment Portfolio (12/31/2013) (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: December 31, 2013 December 31, 2012 Amount % of Total Amount % of Total AAA/Aaa $ 76,616 61 % $ 58,765 60 % AA/Aa 12,733 10 % 7,569 8 % A/A 23,624 18 % 19,894 20 % BBB/Baa 14,995 11 % 11,617 12 % Total Securities $ 127,968 100 % $ 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 Presentation date: March 11, 2014