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 13, 2017.

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 13, 2017, Atlas Financial Holdings, Inc. ("Atlas") reported its results for the quarter ended December 31, 2016. 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 13, 2017, issued by Atlas Financial Holdings, Inc.

Exhibit 99.2 - Investor Supplement, dated March 13, 2017, 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 13, 2017

EX-99.1

Atlas Financial Holdings Announces 2016 Fourth Quarter Financial Results Company to Hold Conference Call on Tuesday, March 14, 2017 at 8:30 a.m. ET Fourth Quarter 2016 Financial Performance Summary (comparisons to Fourth Quarter 2015 unless noted): • Gross premium written decreased by 0.8% to $52.0 million • In-force premium at December 31, 2016 increased 6.6% to $224.6 million compared to $210.6 million • Total revenue for the three months ended December 31, 2016 increased by 7.1% to $46.3 million • The combined ratio for the fourth quarter of 2016 was increased by 68.3 percentage points to 156.5%, primarily as a result of a 72.9% impact from previously announced claims reserves strengthening related to prior accident years • Underwriting loss for the fourth quarter of 2016 was $25.0 million, compared to underwriting income of $4.9 million, primarily due to claims reserve strengthening related to prior accident years • Net loss for the fourth quarter of 2016 was $13.6 million, or $1.13 loss per common share diluted, compared to net income of $4.3 million, or $0.34 earnings per common share diluted • Book value per common share on December 31, 2016 was $10.54, compared to $10.15 at December 31, 2015 • Annualized return on equity (“ROE”) was a negative 39.6% in the fourth quarter 2016 compared to a positive 13.6% in the prior year period Full Year 2016 Financial Performance Summary (comparisons to Full Year 2015 unless noted): • Gross premium written increased by 7.6% to $225.1 million, which included an increase of 7.7% in core commercial auto business • In-force premium as of December 31, 2016 was $224.6 million, compared to $210.6 million as of December 31, 2015 • The combined ratio increased by 14.7 percentage points to 102.9%, primarily as a result of a 19.1% impact from previously announced claims reserve strengthening related to prior accident years • There was an underwriting loss of $5.0 million, compared to underwriting income of $18.0 million, primarily due to claims reserve strengthening related to prior accident years • Net income was $2.6 million, or $0.19 per common share diluted, compared to $14.4 million, or $1.13 per common share diluted, representing a decrease of 83.2% or $0.94, of which $$1.43 loss per common share diluted related to reserve strengthening for older accident years • Book value per common share as of December 31, 2016 was $10.54, compared to $10.15 as of December 31, 2015 • Return on equity was 2.1% as compared to 12.1% Chicago, Illinois (March 13, 2017) - Atlas Financial Holdings, Inc. (NASDAQ: AFH) ("Atlas" or the "Company") today reported its financial results for the fourth quarter ended December 31, 2016. Management Comments Scott D. Wollney, Atlas’ President and CEO, stated, “2016 was a year in which Atlas continued to leverage its expertise as a specialty niche insurance business to overcome a number of unique circumstances that impacted the Company and its markets, and we feel properly positioned us for strong underwriting performance in 2017. We have begun to see a favorable turn in our traditional taxi business, with premium reductions that occurred in the middle of the year beginning to abate; and, thus far in 2017 we are seeing early indications that this reversal of headwinds facing our growth last year may not have a substantial impact this year. In addition, our limo and paratransit markets have also both seen meaningful growth. Overall, we continue to see favorable competitive and pricing environments in most of our geographic markets. These are good indicators that positive pricing dynamics are continuing and we remain committed to our core goal of maximizing underwriting profit driven return on deployed capital, book value appreciation, and return-on-equity at levels 500 to 1,000 bps above our industry.”

Mr. Wollney continued, “As outlined in our preliminary announcement, we identified a level of loss development in Michigan that led to an increase in reserves at the end of 2016 for older accident years. This impacted our financial performance for the quarter and the year, but we are confident that the proactive actions we took to address this exposure were appropriate and sufficient to position Atlas for future profitability at our expected levels in the coming year and beyond. The Company anticipates business in Michigan to be less than 1% of Atlas’ in-force business by the end of 2017 based on incremental actuarially supported pricing actions. Despite this negative impact, the Company’s book value at December 31, 2016 was higher than the previous year at $10.54, and we remain committed to producing favorable ROE throughout multiple cycles. We take responsibility for the challenges faced in 2016, will learn from them and are very confident about the positive expectations we have going forward.” Financial and Operational Review Premium Written: For the three month period ended December 31, 2016, gross premium written was $52.0 million compared to $52.4 million for the three month period ended December 31, 2015, representing a 0.8% decrease. The decrease was primarily due to reductions in taxi and non-core lines of business, offset by growth in livery/limousine and para-transit. The Company has continued to see written premium reductions abate in its traditional taxi business throughout the second half of 2016, with early indications of more positive trends in early 2017. Geographic Distribution: The Company is licensed in 49 states and the District of Columbia. Atlas actively writes core business in 42 of these states plus the District of Columbia. Compared to the three-month period ended December 31, 2015, Atlas experienced growth in core business gross premium written in 22 states for the three month period ended December 31, 2016. In 4 of those 22 states, Atlas experienced quarter over quarter growth of greater than 100% due to a continuing positive response from both new and existing agents to Atlas' value proposition and the current market environment. The Company continues to evaluate each state individually, and will only write in markets where it believes it can generate an above-average underwriting profit that supports return on deployed capital expectations and will remain nimble to maximize to the relative balance of premium writings across states based on competitive environments and pricing dynamics. Combined Ratio: Atlas' combined ratio increased for the three month period ended December 31, 2016 to 156.5%, compared to 88.2% in the prior year period. • Loss Ratio: The loss ratio relating to claims incurred for the three month period ended December 31, 2016 was 135.7%, compared to 60.9% for the three month period ended December 31, 2015. The loss ratio increase from the prior year period was primarily the result of the Company's re-estimation of its unpaid liabilities on prior accident years, creating a 74.8% increase in the loss ratio. Observations from the year-end 2016 reserve analysis that led to the conclusion that reserve strengthening for older years was appropriate, and confirmed the Company’s belief that changes made in its claim processes will yield an overall better result in ultimate loss costs going forward. Atlas introduced predictive analytics in our claim process in early 2016 and has compressed settlement time with the objective of amplifying the value proposition the Company has always delivered. As a result, particularly with respect to larger claims, severity in many jurisdiction appears to be improving and earlier settlement should provide earlier visibility into potentially changing claim trends. At this time, other than Michigan there are no jurisdictions that show indications of above trend changes in frequency or severity. • Underwriting Expense Ratio: The underwriting expense ratio for the three month period ended December 31, 2016 was 20.8% compared to 27.3% for the three month period ended December 31, 2015. Expenses recovered pursuant to stock purchase agreements lowered the other underwriting ratio by 9.0%. Underwriting expense ratio (before expenses related to acquisitions and stock purchase agreements and stock based compensation expenses) increased 2.6% from the three month period ended December 31, 2015. This increase primarily resulted from investment in research and development related to transportation network company focused initiatives, the re-estimation of the allowance for bad debt and the reserving for specific premium receivable accounts past due and other professional fees offset by retroactive reinsurance gains.

The table below details the comparisons of each component of the Company's combined ratio for the periods indicated (after accounting for the effect of quota share reinsurance): Three Month Periods Ended Year Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Loss Ratio: Current accident year 62.8 % 55.9 % 59.7 % 59.1 % Prior accident years 72.9 % 5.0 % 19.1 % 0.1 % Loss ratio 135.7 % 60.9 % 78.8 % 59.2 % Underwriting Expense Ratio: Acquisition cost ratio 13.0 % 11.0 % 11.0 % 12.2 % Other underwriting expense ratio 15.9 % 15.3 % 15.9 % 14.4 % Underwriting expense ratio before expenses related to acquisitions and stock purchase agreements and stock based compensation expenses 28.9 % 26.3 % 26.9 % 26.6 % Expenses (recovered) incurred related to stock purchase agreement ratio (9.0) % — % (3.7) % 1.3 % Share based compensation expense ratio 0.9 % 1.0 % 0.9 % 1.1 % Underwriting expense ratio 20.8 % 27.3 % 24.1 % 29.0 % Total combined ratio 156.5 % 88.2 % 102.9 % 88.2 % Atlas’ underwriting expense ratio for the twelve months ended December 31, 2016, excluding the impact of share based compensation expenses and expenses related to acquisitions and stock purchase agreements, was 26.9% and falls just outside the Company’s annual target range of 24.5% to 26.5%. For 2016, this ratio included approximately 0.3% related to research and development for transportation network company focused initiatives. While this ratio can vary quarter to quarter, on a full year basis, based on the Company's current anticipated return to a year over year growth trend, underwriting expenses are expected to be within, and on the high end, of this range. As the Company continues the use of quota share reinsurance, and potentially changes the percentage of ceded premiums under its contract, the impact on the individual ratios of acquisition cost and other underwriting expense will vary. On a pro-forma basis, as if there was no quota share reinsurance in place, the components of the underwriting expense ratio for the periods indicated would have been as follows: Three Month Periods Ended Year Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Acquisition costs 16.8% 14.0% 15.1% 14.7% Other insurance general and administrative expenses 13.6% 12.9% 13.3% 12.9% Expenses (recovered) incurred related to stock purchase agreements (7.7)% —% (3.1)% 1.1% Share based compensation expense 0.7% 0.9% 0.8% 0.9% Underwriting Results: Underwriting results decreased to an underwriting loss of $25.0 million for the three month period ended December 31, 2016, compared to underwriting income of $4.9 million in the same period of the prior year. Net (Loss) Income before Taxes: Net loss before taxes was $23.2 million for the three month period ended December 31, 2016, compared to net income of $6.0 million in the same period of the prior year.

Income Taxes: Atlas recognized tax benefit of $9.7 million for the three month period ended December 31, 2016 compared to tax expense of $1.7 million in the same period of the prior year. Net (Loss) Income: Atlas reported net loss of $13.6 million for the three month period ended December 31, 2016, compared to net income $4.3 million for the three month period ended December 31, 2015. Earnings per share (“EPS”): Atlas generated a loss of $1.13 per common share diluted for the three month period ended December 31, 2016. This compares to income of $0.34 per common share diluted as reported for the three month period ended December 31, 2015. Share Count: The following chart illustrates Atlas’ potential dilutive common shares for the three month periods ended December 31, 2016 and 2015: Three Month Periods Ended December 31, 2016 December 31, 2015 Weighted average common shares outstanding 12,045,519 12,031,861 Dilutive potential ordinary shares: Dilutive stock options — 197,593 Dilutive shares upon preferred share conversion — 573,444 Dilutive average common shares outstanding 12,045,519 12,802,898 The effects of convertible instruments are excluded from the computation of earnings per common share diluted in periods in which the effect would be anti-dilutive. For the three month period ended December 31, 2016, all exercisable stock options and all of the convertible preferred shares were deemed to be anti-dilutive. Balance Sheet/Investment Overview Book Value: Book value per common share was $10.54 based on 12,045,519 common shares outstanding at December 31, 2016, compared to $10.15 based on 12,045,519 common shares outstanding at December 31, 2015. Book value per common share of $10.54 increased by $0.39 relative to December 31, 2015 as follows: ($0.38) decrease related to net income after tax and before items indicated below; $0.07 increase related to the change in net realized investment gains after tax; ($0.02) decrease related to the preferred share dividend liquidation; $0.07 increase related to the change in unrealized gains/losses after tax; $0.13 increase related to share based compensation; and $0.52 increase related to expenses recovered pursuant to stock purchase agreements. $0.39 total increase from December 31, 2015 book value per common share Cash and Invested Assets: Cash and invested assets at December 31, 2016 totaled $224.8 million as compared to $233.3 million as at December 31, 2015. Investment Strategy: Atlas aligns its securities portfolio to support the liabilities and operating cash needs of its insurance subsidiaries, to preserve capital and to generate investment returns. Atlas invests predominantly in fixed income securities with overall maturities that correlate with the payout patterns of Atlas' claims liabilities and other liquidity needs. At December 31, 2016, the average life on the Company's portfolio was 4.1 years with a duration of 3.4 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 Income / Yield: Atlas generated net investment income of $1.7 million and $1.1 million for the quarters ended December 31, 2016 and 2015, as well as $206,000 and $183,000 of realized gains, respectively. The gross annualized investment yield on the Company's fixed-income securities was 2.2% and 2.0% for the quarters ended December 31, 2016 and 2015, respectively. The gross annualized investment yield on the Company's cash and cash equivalents was 0.1% for each of the quarters ended December 31, 2016 and 2015. The increase in net investment income from the prior year period is the result of higher returns on equity method securities and lower investment

expenses offset by lower interest income. Net realized investment gains increased as a result of management's decision to sell certain securities to take advantage of favorable market conditions. Outlook for 2017 Mr. Wollney continued, “I want to specifically thank all of our employees and partners for your support navigating the past year in such a manner that put the Company in a strong position to continue its growth as a specialty, niche writer of light commercial auto. Throughout 2016, we worked through a considerable shift in our target markets with the increase in transportation network companies as a percentage of active public auto vehicles. Looking forward we see less headwind from shifting across segments and more potential for expansion in the overall addressable market. We have grown our business while still maintaining our focus on improving profitability over the long term. We have worked diligently over the past year to implement and enhance sophisticated processes and predictive analytics to maximize return on deployed capital and identify any potentially problematic conditions in our markets faster, with greater precision and more efficiency. Given Atlas’ highly specialized market niche, coupled with the large repository of niche specific data across each of our subsidiaries, we can deploy these analytical tools in a way that cannot be accomplished by generalists, while having a significant pricing advantage over smaller, less sophisticated and lesser capitalized competitors. We began to leverage this advantage in renewals throughout 2016, are beginning to see the benefit, and expect the impact to continue improving underwriting performance throughout the coming year and beyond. While there were challenges in the past year, Atlas remains committed to the Company’s previously stated goal of exceeding P&C industry return on equity (“ROE”) by 500 to 1,000 bps going forward based on more recent accident years.” Conference Call Details Date/Time: Tuesday, March 14, 2017 - 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". An accompanying slide presentation will be available in .pdf format on the investor relations page of the Company’s website after issuance of the earnings release. 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/q4-2016. Audio and a transcript of the call will be archived on the Company’s website. 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 (including certain transportation network company drivers) and business auto. The business of Atlas is carried on through its subsidiaries American Country Insurance Company, American Service Insurance Company, Inc., Gateway Insurance Company, Global Liberty Insurance Company of New York, Anchor Group Management, Inc., Plainview Premium Finance Company, Inc., and Plainview Premium Finance Company of California, Inc. 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., Gateway Insurance Company, Global Liberty Insurance Company of New York, Anchor Holdings Group, Inc., Anchor Group Management, Inc., Plainview Premium Finance Company, Inc., and Plainview Premium Finance Company of California, Inc. Additional information about Atlas, including a copy of Atlas' 2016 Annual Report on 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 2016 Annual Report on 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 Company Investor Relations Atlas Financial Holdings, Inc. The Equity Group Inc. Scott Wollney, CEO Adam Prior, Senior Vice President Phone: 847-700-8600 212-836-9606 swollney@atlas-fin.com aprior@equityny.com www.atlas-fin.com www.theequitygroup.com ###

ATLAS FINANCIAL HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME ($ in '000s, except for share and per share data) Three Month Periods Ended Year Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Consolidated Statements of Income Net premiums earned $ 44,252 $ 41,927 $ 171,058 $ 152,064 Net investment income 1,656 1,085 4,824 3,976 Net realized investment gains 206 183 1,230 455 Other income 187 55 467 356 Total revenue 46,301 43,250 177,579 156,851 Net claims incurred 60,071 25,545 134,746 89,994 Acquisition costs 5,767 4,609 18,803 18,592 Other underwriting expenses 7,315 6,487 28,399 23,269 Amortization of intangible assets 98 315 390 315 Interest expense 270 247 1,026 694 Expenses (recovered) incurred pursuant to Gateway stock purchase agreement (4,000) — (6,297) 942 Expenses incurred related to acquisition of subsidiaries — 21 — 999 Total expenses 69,521 37,224 177,067 134,805 (Loss) income from operations before income tax expense (23,220) 6,026 512 22,046 Income tax (benefit) expense (9,659) 1,693 (2,134) 7,616 Net (loss) income (13,561) 4,333 2,646 14,430 Less: Preferred share dividends 47 80 281 276 Net (loss) income attributable to common shareholders $ (13,608) $ 4,253 $ 2,365 $ 14,154 Basic weighted average common shares outstanding 12,045,519 12,031,861 12,045,519 11,975,579 (Loss) earnings per common share, basic $ (1.13) $ 0.35 $ 0.20 $ 1.18 Diluted weighted average common shares outstanding 12,045,519 12,802,898 12,222,883 12,735,679 (Loss) earnings per common share, diluted $ (1.13) $ 0.34 $ 0.19 $ 1.13 Consolidated Statements of Comprehensive Income Net (loss) income $ (13,561) $ 4,333 $ 2,646 $ 14,430 Other comprehensive income (loss): Changes in net unrealized investment (losses) gains (3,237) (2,077) 855 (1,912) Reclassification to income of net realized investment gains 41 4 394 203 Effect of income tax 1,119 721 (437) 597 Other comprehensive (loss) income (2,077) (1,352) 812 (1,112) Total comprehensive (loss) income $ (15,638) $ 2,981 $ 3,458 $ 13,318

ATLAS FINANCIAL HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ($ in '000s, except for share and per share data) December 31, 2016 December 31, 2015 Assets Investments, available for sale Fixed income securities, at fair value (amortized cost $157,451and $185,455) $ 156,487 $ 183,773 Equity securities, at fair value (cost $5,598 and $4,147) 6,223 4,240 Other investments 32,181 22,937 Total Investments 194,891 210,950 Cash and cash equivalents 29,888 22,354 Accrued investment income 1,228 1,036 Premiums receivable (net of allowance of $2,366 and $846) 77,386 82,529 Reinsurance recoverables on amounts paid 7,786 3,277 Reinsurance recoverables on amounts unpaid 35,370 29,399 Prepaid reinsurance premiums 13,372 17,412 Deferred policy acquisition costs 13,222 10,235 Deferred tax asset, net 18,498 17,166 Goodwill 2,726 2,726 Intangible assets, net 4,535 — 4,925 Property and equipment, net 11,770 2,589 Other assets 12,905 6,694 Total Assets $ 423,577 $ 411,292 Liabilities Claims liabilities $ 139,004 $ 127,011 Unearned premiums 113,171 108,202 Due to reinsurers 8,369 10,781 Notes payable, net 19,187 17,219 Other liabilities and accrued expenses 16,504 18,457 Total Liabilities $ 296,235 $ 281,670 Shareholders’ Equity Preferred shares, $0.001 par value, 100,000,000 shares authorized, shares issued and outstanding: December 31, 2016 - 0 and December 31, 2015 - 6,940,500. Liquidation value $1.00 per share $ — $ 6,941 Ordinary voting common shares, $0.003 par value, 266,666,667 shares authorized, shares issued and outstanding: December 31, 2016 - 11,895,104 and December 31, 2015 - 11,883,025 36 36 Restricted voting common shares, $0.003 par value, 33,333,334 shares authorized, shares issued and outstanding: December 31, 2016 - 128,191 and December 31, 2015 - 132,863 — — Additional paid-in capital 199,244 198,041 Retained deficit (71,718) (74,364) Accumulated other comprehensive loss, net of tax (220) (1,032) Total Shareholders’ Equity 127,342 129,622 Total Liabilities and Shareholders’ Equity $ 423,577 $ 411,292

Use of Non-U.S. GAAP Financial Measurements We use these non-GAAP financial measures in order to present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. The non-GAAP financial measures that we present may not be comparable to similarly-named measures reported by other companies. Adjusted operating income, before tax includes both underwriting income and loss and net investment income, but excludes net realized capital gains and losses, legal and professional expense incurred related to business combinations, interest expense, net impairment charges recognized in earnings and other items. Underwriting income is derived by reducing net premiums earned by losses and loss adjustment expenses incurred, policy acquisition costs and general operating expenses. Reconciliation of U.S. GAAP Net Income to Adjusted Operating Income, Before Tax ($ in '000s, except per share data) Three Month Periods Ended Year Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Net (loss) income $ (13,561)$ (1.13)$ 4,333 $ 0.34 $ 2,646 $ 0.19 $ 14,430 $ 1.13 Add: income tax (benefit) expense (9,659) (0.80) 1,693 0.13 (2,134) (0.17) 7,616 0.61 Add: expenses incurred related to acquisition of subsidiaries — — 21 — — 0.00 999 0.08 Add: expenses (recovered) incurred pursuant to stock purchase agreements (4,000) (0.33) — — (6,297) (0.52) 942 0.07 Add: interest expense 271 0.02 246 0.02 1,026 0.08 694 0.05 Less: net realized investment gains 206 0.02 183 0.01 1,230 0.10 455 0.04 Less: other income 187 0.01 55 — 467 0.04 356 0.02 Adjusted operating (loss) income, before tax $ (27,342)$ (2.27)$ 6,055 $ 0.48 $ (6,456)$ (0.56)$ 23,870 $ 1.88 After-tax return on average common equity is derived by subtracting preferred share dividends accrued from net income and dividing by average common equity. Common equity is total shareholders' equity less preferred shares and cumulative preferred share dividends accrued. Average common equity is the average of common equity at the beginning and the ending of the reporting period. Reconciliation of U.S. GAAP Shareholders' Equity to Common Equity ($ in '000s) As of: December 31, 2016 September 30, 2016 December 31, 2015 September 30, 2015 December 31, 2014 Total shareholders' equity $ 127,342 $ 146,592 $ 129,622 $ 125,925 $ 109,399 Less: preferred shares — (4,000) (6,941) (6,941) (2,000) Less: accrued dividends on preferred shares (333) (286) (460) (380) (184) Total common equity $ 127,009 $ 142,306 $ 122,221 $ 118,604 $ 107,215

Reconciliation of U.S. GAAP Return on Equity to Return on Common Equity ($ in '000s) Three Month Periods Ended Year Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Net (loss) income $ (13,561) $ 4,333 $ 2,646 $ 14,430 Average equity 136,967 127,773 128,482 119,511 Return on equity (39.6)% 13.6% 2.1% 12.1% Net (loss) income $ (13,561) $ 4,333 $ 2,646 $ 14,430 Less: preferred share dividends accrued (47) (80) (281) (276) Net (loss) income attributable to common shareholders $ (13,608) $ 4,253 $ 2,365 $ 14,154 Average common equity 134,658 120,413 124,615 114,718 Return on average common equity (40.4)% 14.1% 1.9% 12.3%

EX-99.2

2016 Fourth Quarter Conference Call March 14, 2017 Nasdaq: AFH

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 2 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, Gateway Insurance Company and/or Global Insurance Company of New York (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 2 Corporate Headquarters Elk Grove Village, IL (Chicago suburb) Core Target Markets Taxi / Limo / Livery / Paratransit NASDAQ: AFH At 12/31/2016 At 12/31/2015 Cash and Investments $224.8 million $233.3 million Total Assets $423.6 million $411.3 million Total Atlas Shareholders’ Equity $127.3 million $129.6 million Common Shares Outstanding (includes Restricted Share Units) 12,045,519 12,045,519 Book Value Per Outstanding Common Share $10.54 $10.15

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 3 2016 Year End Financial and Operating Information Gross Written Premium Strengthened Reserves Michigan Related Issues Indicators Current Status • Gross Written Premium generated by the Company for the full year ended December 31, 2016 grew by 7.6% to $225.1 million • After the impact of taxes and of preferred share adjustments related to acquisition agreements, the impact on net income will be approximately $17 million for the fourth quarter and year ended December 31, 2016. • The Company performed a comprehensive review of its reserves as a result of changing loss payment trends identified through year-end actuarial work, and ultimately decided that it was appropriate to strengthen reserves at this time. • “No fault” or “PIP” state • Atlas began seeing significantly increased severity payments and demand amounts in 2016 related to prior years. • Causal issues such as materially higher unemployment and strong hospital lobby, etc. generated significant claims which resulted in settlements in 2016. • Demand amounts in 2016 increased 75% compared to prior years. • Average severity for personal injury protection (“PIP”) coverage, which is mandatory in Michigan, paid in 2016 increased by 115% as compared to 2015. • Attorney represented claims more than doubled year over year to 64% of total Michigan claims. • Approximately 630 Michigan Claims remain open, out of total pending of nearly 11,000 for all states (strengthening is expected to address future liabilities). • Positive trends are emerging in other areas of Atlas’ business based on increased use of analytics. No indicators of new market entry and Company continues to expect price leadership to optimize return on deployed capital via underwriting 2016 Year end Overview

March 14, 2017 Atlas Financial Holdings, Inc. Fourth Quarter Conference Call 4 Reserve Analysis 4 • Continued positive trends on small claims • Improved severity on largest claims  Use of predictive analytics deployed throughout the year would lead to improving results, with full impact in 2017/18  Targeted approach to early resolution • Worse than average result in MI  Attacked with rate  Focused claim efforts  Close dialogue with local counsel • Reserves at low end of range with expectation that positive trends would result in migration to midpoint over time What we believed last year • Small claim severities trended up, consistent with commercial auto but worse than Atlas’ experience as of 12/31/15 • Severity did improve on larger claims and ALAE reductions started to be observed • MI deteriorated much more than expected (especially in second half of 2016) What happened in 2016 • Small claim severities will be monitored to evaluate impact of industry trend  Predictive models in both underwriting and claims are being updated to reflect inflation • Continued improvement on larger losses should result in favorable development • Michigan exposure will continue to be reduced and losses will be contained within strengthened reserves What we expect going forward

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 5 Commercial Auto Insurance Competitive Landscape Rate increases “retrenching” as result of industry reserve strengthening Commercial Auto is the only large segment with rate changes trending up

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 6 Atlas Business Mix 2014 Taxi Limo/Livery Paratransit 2015 Taxi Limo/Livery Paratransit 2016 Taxi Limo/Livery Paratransit Taxi Grew 36% Limo/Livery Grew 362% Paratransit Grew 44% Taxi Shrunk 29% Limo/Livery Grew 39% Paratransit Grew 30%

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 7 December 31, 2016 December 31, 2015 New York $ 69,737 31.0 % $ 61,331 29.3 % California 29,784 13.2 % 24,592 11.8 % Illinois 12,398 5.5 % 11,741 5.6 % Louisiana 10,337 4.6 % 11,884 5.7 % Minnesota 9,542 4.3 % 11,178 5.3 % Michigan 9,002 4.0 % 12,178 5.8 % Nevada 7,966 3.5 % 4,536 2.2 % Virginia 7,940 3.5 % 7,134 3.4 % Texas 7,881 3.5 % 9,462 4.5 % Ohio 5,942 2.6 % 6,124 2.9 % Other 54,566 24.3 % 49,126 23.5 % Total $ 225,095 100.0 % $ 209,286 100.0 % Geographic Diversification 7 7 NY, 31.0% CA, 13.2% IL, 5.5% LA , 4.6% MN , 4.3% MI, 4.0% NV, 3.5% VA, 3.5% TX, 3.5% OH, 2.6% Other, 24.3% NY, 29.3% CA, 11.8% IL, 5.6% LA , 5.7% MN , 5.3% MI, 5.8% NV, 2.2% VA, 3.4% TX, 4.5% OH, 2.9% Other, 23.5% Nationwide market share is estimated at approximately 10%, with proportionate share forecast at 20% Gross premium written by state (in $000) Year Ended Year Ended

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 8 Premium Analysis Taxi premium down approximately 29% in 2016  Began to abate and turn positive in Q1 2017  TNC companies incentivizing drivers to try their service, many start with “ride share” without Commercial Insurance Strong growth from Limo and paratransit  Limo and paratransit still show strong growth at 38.8% and 30.4% yr/yr, respectively from 2015 to 2016  Both Limo and Para increased average per vehicle pricing yr/yr Expectations: Taxi growth will be flat to low single digit % Commercial drivers who migrated to TNCs will pursue commercial insurance Hit ratio for new and renewal business will increase as a result of implementation of targeted predictive analytics

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 9 Operating Leverage (Actual through Q4 2016) STATUTORY Version GAAP Version Continue to hold sufficient capital on hand to self-fund profitable growth in the foreseeable future

Financial Highlights 10

March 14, 2017 Atlas Financial Holdings, Inc. Fourth Quarter Conference Call 11 • In-force premium at December 31, 2016 increased 6.6% to $224.6 million, compared to $210.6 million • Gross written premiums decreased 0.8% to $52.0 million • Decrease was primarily due to a reduction in the Company’s excess taxi and traditional taxi business - this impact began to abate Q3 2016 • Trends positive to date in Q1 2017 Quarterly Premiums Affected by Rate Decisions / Shift in Market Dynamics 2017 Financial Expectations  Relative stability regarding target market with continued growth  Emphasis remains on underwriting profit as priority  Gross Written Premiums expected to improve year over year based on current trends  Expense ratio is a range of 24.5% to 26.5%  Exceed P&C industry Return on Equity (“ROE”) by 500 – 1,000 bps 2016 Q4 Financial and Operating Highlights 11 • Underwriting loss was $25.0 million compared to Underwriting Income of $4.9 million for the same period of the prior year. • Loss was primarily due to claims reserve strengthening related to prior accident years. • Combined Ratio(1) (“CR”) was 156.5% Underwriting Performance • Book value per share improved to $10.54, a YoY increase of 3.8% Book Value (1) Ratios are computed as a percentage of net premium earned.

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 12 12 2016 Q4 Financial and Underwriting Results $52.4 $52.0 $50.0 $55.0 $60.0 $65.0 $70.0 $75.0 Q4 2015 Q4 2016 Gross Written Premium $6,026 $(23,220) ($25,000) ($20,000) ($15,000) ($10,000) ($5,000) $0 $5,000 $10,000 Q4 2015 Q4 2016 Income Before Tax $0.34 -$1.13 -$2.00 -$1.50 -$1.00 -$0.50 $0.00 $0.50 Q4 2015 Q4 2016 Earnings per Common Share Diluted $10.15 $10.54 $9.90 $10.00 $10.10 $10.20 $10.30 $10.40 $10.50 $10.60 Q4 2015 Q4 2016 Book Value per Common Share Premium Results GPW decreased by 0.8% to $52.0 million • Overall premium shifted toward limo / paratransit during period • Decrease the result of reductions in the Company’s taxi and non-core lines of business Underwriting Results Combined ratio increased to 156.5% as compared to 88.2% for the prior year period(1) Book Value Growth Atlas has increased book value year over year • $10.54 at 12/31/2016, $10.15 at 12/31/2015 $ in millions except per share data (1) Q4 2016 combined ratio includes 72.9% impact from previously announced claims reserves strengthening related to prior accident years.

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 13 Three Month Periods Ended Year Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Loss Ratio: Current accident year 62.8 % 55.9 % 59.7 % 59.1 % Prior accident years 72.9 % 5.0 % 19.1 % 0.1 % Loss ratio 135.7 % 60.9 % 78.8 % 59.2 % Underwriting Expense Ratio: Acquisition cost ratio 13.0 % 11.0 % 11.0 % 12.2 % Other underwriting expense ratio 15.9 % 15.3 % 15.9 % 14.4 % Underwriting expense ratio before expenses related to acquisitions and stock purchase agreements and stock based compensation expenses 28.9 % 26.3 % 26.9 % 26.6 % Expenses (recovered) incurred related to stock purchase agreement ratio (9.0 ) % — % (3.7 ) % 1.3 % Share based compensation expense ratio 0.9 % 1.0 % 0.9 % 1.1 % Underwriting expense ratio 20.8 % 27.3 % 24.1 % 29.0 % Total combined ratio 156.5 % 88.2 % 102.9 % 88.2 % Combined Ratio Analysis The table below details the comparisons of each component of the Company's combined ratio for the periods indicated (after accounting for the effect of quota share reinsurance):

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 14 Consistent Quarterly Year/Year Margin Improvement Since 2013 U.S. IPO 14 Combined Operating Ratio 63.9% 62.3% 59.2% 78.8% 30.5% 28.4% 27.8% 23.2% 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 Loss & LAE Ratio Underwriting Expense Ratio 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% Q1 Q2 Q3 Q4 2013 2014 2015 2016 Three Month Periods Ended Dec. 31, 2016 Dec. 31, 2015 Loss ratio 135.7 %(1) 60.9 % Underwriting expense ratio 20.8 % 27.3 % Combined Operating Ratio 156.5 % 88.2 % (1) Includes 19.1% impact for the full year 2016 related to claims reserves strengthening related to prior accident years 72.9% impact in Q4 2016 related to claims reserve strengthening on prior accident years For 2016, 19.1% related to claims reserves strengthening on prior accident years: and 3.7% of favorable impact on expenses related to stock purchase agreements.

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 15 15 Detailed Impact of Changes to Book Value per Common Share Book value per common share of $10.54 increased by $0.39 relative to December 31, 2015 as follows: ($0.38) decrease related to net income after tax and before items indicated below; $0.07 increase related to the change in net realized investment gains after tax; ($0.02) decrease related to the preferred share dividend liquidation; $0.07 increase related to the change in unrealized gains/losses after tax; $0.13 increase related to share based compensation; and $0.52 increase related to expenses recovered pursuant to stock purchase agreements. $0.39 total increase from December 31, 2015 book value per common share As of: (in '000s, except for shares and per share data) December 31, 2016 December 31, 2015 Atlas shareholders' equity $ 127,342 $ 129,622 Less: Preferred stock in equity - 6,941 Less: Accumulated dividends on preferred stock 333 460 Common equity $ 127,009 $ 122,221 Participative shares: Common shares outstanding 12,023,295 12,015,888 Restricted stock units (RSUs) 22,224 29,631 Total participative shares 12,045,519 12,045,519 Book value per participative share outstanding $ 10.54 $ 10.15

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 16 Impact of Reserve Strengthening on Book Value Proforma Allocation Back to Applicable Year

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 17 Written Premium: In-force 17 At December 31, 2016, in-force premium was $224.6 million and the Company’s gross unearned premium reserve was $113.2 million.

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 18 • Attractive investment leverage • Credit Facility: – $5 million one-year revolver, LIBOR + 2.75% ($3.9 million drawn) – $30 million five-year draw facility, LIBOR + 4.5% ($15.5 million drawn) Adverse development protection in-force ($ in millions) December 31,2016 December 31, 2015 Cash and Investments $224.8 $233.3 Total Assets $423.6 $411.3 Claim Reserves (Gross of Reinsurance) (1) $139.0 $127.0 Unearned Premiums $113.2 $108.2 Atlas Shareholders’ Equity $127.3 $129.6 18 (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. Strong Balance Sheet with Availability of Capital to Support Growth

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 19 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 (3.4 years) Investment Portfolio • As of December 31, 2016, total cash and invested assets were $224.8 million, of which fixed income consisted of 69.7% • Predominantly corporate and government bonds • Average S&P rating of AA • 28.5% AAA • 84.6% A or better 19 Government 17% Corporate 27% Mortgage Backed 28% Other Asset Backed 8% Other Investments 17% Equities 3% Investment Portfolio (12/31/2016) (1) (1) In 2016, our external investment portfolio manager switched rating agencies for U.S. Treasury, agency and mortgage backed securities from Fitch or Moody's 'AAA' to S&P 'AA.' As a result, we have restated fair values of these fixed income securities as of December 31, 2015 using the S&P rating for comparative purposes. Credit ratings of fixed income securities portfolio (in '000s) As of: December 31, 2016 December 31, 2015 Amount % of Total Amount1 % of Total AAA/Aaa1 $ 44,521 28.5 % $ 44,110 24.0 % AA/Aa1 64,324 41.1 % 83,116 45.2 % A/A 23,427 15.0 % 28,765 15.7 % BBB/Baa 22,886 14.6 % 26,512 14.4 % BB 1,114 0.7 % 1,270 0.7 % B 215 0.1 % — — % Total Fixed Income Securities $ 156,487 100.0 % $ 183,773 100.0 %

Conclusion & Outlook 20

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 21 -10 -5 0 5 10 15 20 25 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Average ISO Recommendation (for period) Atlas Rate Change (Ave) Written Premium: Rate Activity 21 Pricing Relative to ISO

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 22 Incremental Benefit of Predictive Analytics Pricing & Underwriting Use of model increases hit ratios on better than average accounts with use of credit that maintains better than average L/R Expectation is that 2017 premium will include lift from application of model via POS equal to a weighted average adjusted application of actual premium and expected L/R distribution for business written in late 2016.

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 23 Incremental Benefit of Predictive Analytics Claims 15% 20% 25% 30% 35% 40% 201012 201112 201212 201312 201412 201512 201612 Spec Inj Type Features vs All Features All States % of Spec to Total Initiatives targeting faster settlement of liability claims, including use of predictive analytics in claims resulted in closure of more claims than opened in 2016 Larger, potentially severe claims were prioritized Allocated Loss Adjustment Expense (“ALAE”) as a percentage of paid claim amounts reduced year over year Year end 2016 claim inventory was lower than 2015, despite growth in overall premium

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 24 Outlook for 2017 Favorable Outlook • Goal is to maximize ROE potential in the current cycle – Strong operating margins – Efficient and scalable capital structure – Operating leverage 24 Core Goal: Across market cycles, our objective is to exceed industry ROE by 500 to 1,000 bps Remain proactive to changing market dynamics – Mobile app dispatch – More cars carrying people / items – In-vehicle technology Company has implemented measures to manage its operating leverage to match that of its business, with the objective of self-funding – $30 Million Line of credit from Fifth Third Bank – Quota share reinsurance – Quarterly shifting of business from traditional taxi premiums to black car / TNCs – Reduced average vehicles per policy expected due to larger percentage of owner operators – $400 to $450 million in written premium is proportionate share – Continued market share expansion in existing states Emphasis on underwriting margin versus top-line growth

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 25 Nasdaq: AFH 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 25

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 26 Operating Activities: Underwriting (commercial business only: excludes Global Liberty) 26 Current target of 52%. Market conditions continue to show support for mid single digit rate increases (magnitude varies by geography. Note: From Q4 ’15 forward, data is compiled from the newly launched Atlas Xpress (Duck Creek) policy system. The basis for hit ratio now includes additional submission information (not just commercial auto accounts that are quoted) Target of 85% based on current market conditions. Mid single digit rate increases are now being pursued for profitable renewals and desirable new accounts. Less deviation from predictive model (1-4 unit accounts quoted directly via POS using predictive analytics). Hit ratios are strongest in most desired score bands.

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 27 0 1000 2000 3000 4000 5000 6000 7000 8000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec New Vehicles (incls Expiring) Prior Year Operating Activities: Underwriting (commercial business only: excludes Global Liberty) New Business Submissions (Monthly Vehicles Submitted) Vehicles In Force Primary gap relates to lost Taxi business - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Actual Prior Year

March 14, 2017 Atlas Financial Holdings, Inc. 2016 Fourth Quarter Conference Call 28 Atlas Financial Comparison with Industry Pre and Post Adjustment Source of industry data: 2015 Statutory Filings compiled by SNL Financial Atlas Adjusted Results Three Year Average: AFH 59.0% vs. Comm’l Auto 68.3% 930 bps better Five Year Average: AFH 67.8% vs. Comm’l Auto 69.9% 210 bps better 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% P&C Industry Comml Auto Only Atlas Before Adj Atlas After Adj Net Loss and ALAE Ratios AY Comparison Since Atlas U.S. IPO (does not include ULAE) 2013 2014 2015 (1) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Industry Loss Ratio Trends (includes ALAE & ULAE) P&C Comm. Auto (1) - Adj refers to the 2016 claims reserve strengthening (1)