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):  August 7, 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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company    þ

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    þ

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

On August 7, 2017, Atlas Financial Holdings, Inc. (“Atlas”) reported its results for the quarter ended June 30, 2017. 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 August 7, 2017, issued by Atlas Financial Holdings, Inc.

Exhibit 99.2 - Investor Supplement, dated August 7, 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)

August 7, 2017

EX-99.1

Exhibit 99.1

Atlas Financial Holdings Announces 2017Second Quarter Financial Results

Company to Hold Conference Call on Tuesday, August 8, 2017 at 8:30 a.m. ET

Second Quarter 2017 Financial Performance Summary (comparisons to Second Quarter 2016 unless noted):

• Total revenue for the three month period endedJune 30, 2017 increased by 28.9% to $55.7 million

• Gross premium written increased by 18.6% to $57.4 million

• In-force premium as of June 30, 2017 increased 20.4% to $264.6 million compared to $219.8 million

• Underwriting income for the second quarter 2017 was $7.5 million compared to $6.4 million

• The combined ratio for the second quarter2017 was 86.2% compared to 84.8%

• Net income for the second quarter 2017 was $5.5 million, or $0.45 per common share diluted, compared to $4.9 million, or $0.38 per common share diluted, representing a $0.07 or 18.4% increase from second quarter 2016

• Book value per common share on June 30, 2017 was $11.50, compared to $10.54 as of December 31, 2016 and $11.27 as of June 30, 2016

• Annualized return on equity (“ROE”) was 16.2% in the second quarter2017 compared to 14.0% in the prior year period

Chicago, Illinois (August 7, 2017) - Atlas Financial Holdings, Inc. (NASDAQ: AFH) (“Atlas” or the “Company”) today reported its financial results for the second quarter ended June 30, 2017.

Management Comments

Scott D. Wollney, Atlas’ President and CEO, stated, “We were pleased to deliver solid operating results in the second quarter highlighted by a strong combined ratio of 86.2%, improved underwriting income, and annualized return-on-equity of 16.2%. These bottom-line improvements were driven by our specialty strategic focus on distinct niche markets within commercial auto insurance where the combination of Atlas’ expertise and strong value proposition allow us to generate better than industry results. We continue to leverage the use of analytics to amplify the value of the unique data our organization historically acquired and continuously refreshes, increasingly with the additional benefit of in-vehicle and other emerging technologies. Through this approach, our team is able to specifically target the right markets, evaluate and price risk appropriately, best manage claims and other expenses and ultimately adapt quickly to turn potential long-term challenges into opportunities as conditions evolve. During the second quarter, we achieved solid growth of 18.6% in gross written premiums, as market share and market size expansion in our limousine/livery and

Exhibit 99.1

para-transit markets continued to overtake lesser reductions in the traditional taxi business. On a macro basis, we continue to see pricing increase across commercial auto increase. Last year, Atlas exhibited both price leadership in our niche market and discipline in terms of growth with our consistent priority on return on equity in mind. The most recent quarter exemplifies Atlas’ ability to grow our business with expanding operating margins through our commitment to this discipline. While we continue to encourage a long-term view, we are certainly proud of the results in the most recent quarter.”

Financial and Operational Review

Premium Written: For the three month period endedJune 30, 2017, gross premium written was $57.4 million compared to $48.4 million for the three month period endedJune 30, 2016, representing an 18.6% increase. Gross premium written increased primarily due to growth in para-transit, limousine and livery accounts in California, Illinois, New Jersey and New York partially offset by a reduction in taxi business in Louisiana, Minnesota and Nevada and overall business reductions in Michigan.

Geographic Distribution: The Company is licensed in 49 states and the District of Columbia. Atlas actively writes its core business in 42 of these states plus the District of Columbia. Compared to the three month period endedJune 30, 2016, Atlas experienced growth in gross premium written in its core business in 26 states for the three month period endedJune 30, 2017. In 6 of those 26 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 largest increases resulted from para-transit, limousine and livery business in California, New Jersey and New York.

Combined Ratio: Atlas’ combined ratio increased for the three month period endedJune 30, 2017 to 86.2%, compared to 84.8% in the prior year period.

• Loss Ratio: The loss ratio relating to claims incurred for the three month period endedJune 30, 2017 was 60.1%, compared to 58.8% for the three month period endedJune 30, 2016. The loss ratio increased year over year primarily due to the Company’s continued review of underwriting profitability by product and state and higher than expected claim costs associated with Atlas’ participation in non-voluntary assigned risk pools. The Company continues to see incremental opportunities to build on decades of experience in the claims area coupled with increasing use of analytics to increase expected margin in subsequent quarters. As previously announced, the Company is utilizing machine learning based predictive analytics in the claim area, in addition to using it as an underwriting tool, to further leverage the data, experience and expertise within its organization. To achieve this, Atlas leverages data and experience accumulated over its operating subsidiaries’ many years spent focusing on niche target markets to model potential risk and deliver value for both our customers and stakeholders. On a year over year basis, the Company expects its loss ratio to continue to generally trend in a positive direction based on prior year and potential future pricing, underwriting and claims activities.

Exhibit 99.1

• Underwriting Expense Ratio: The underwriting expense ratio for the three month period endedJune 30, 2017 was 26.1% compared to 26.0% for the three month period endedJune 30, 2016.

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				Six Month Periods Ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
Loss Ratio	60.1	%	58.8	%	60.3	%	59.3		%
Underwriting Expense Ratio:
Acquisition cost ratio	12.3	%	9.5	%	11.5	%	9.6		%
Other underwriting expense ratio	13.3	%	15.5	%	14.1	%	15.3		%
Underwriting expense ratio before expenses related to stock purchase agreements and share-based compensation expenses	25.6	%	25.0	%	25.6	%	24.9		%
Expenses recovered related to stock purchase agreement ratio	—	%	—	%	—	%	(0.5	)	%
Share-based compensation expense ratio	0.5	%	1.0	%	0.6	%	0.9		%
Underwriting expense ratio	26.1	%	26.0	%	26.2	%	25.3		%
Total combined ratio	86.2	%	84.8	%	86.5	%	84.6		%

Atlas’ underwriting expense ratio for the three month period endedJune 30, 2017, excluding the impact of share-based compensation expenses and expenses related to stock purchase agreements, was 25.6% and continues to fall within the Company’s previously communicated annualized target range of 24.5% to 26.5%. While this ratio can vary quarter to quarter, on a full year basis, based on the Company’s current anticipated year over year growth trend, underwriting expenses are expected to be within, and on the high end, of this range. Having achieved our initial goal of reaching this range, the Company’s focus going forward will be continuous improvement in terms of operating expenses, while maintaining an appropriate re-investment into research and development to ensure that our organization is able to continue leading the industry in terms of existing and developing niche markets on which Atlas focuses.

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		Six Month Periods Ended
	June 30, 2017	June 30, 2016	June 30, 2017	June 30, 2016
Acquisition costs	14.9%	14.1%	14.3%	13.9%
Other insurance general and administrative expenses	11.8%	12.8%	12.6%	12.7%
Expenses recovered related to stock purchase agreements	—%	—%	—%	(0.4)%
Share-based compensation expense	0.5%	0.8%	0.5%	0.8%
Total underwriting expense ratio	27.2%	27.7%	27.4%	27.0%

Exhibit 99.1

Underwriting Results: Underwriting profit increased to $7.5 million for the three month period endedJune 30, 2017, compared to $6.4 million in the same period of the prior year, representing a 17.1% increase.

Net Income before Taxes: Net income before taxes increased to $8.5 million for the three month period endedJune 30, 2017, compared to $7.5 million in the same period of the prior year, representing a 13.0% increase.

Income Taxes: Atlas recognized tax expense of $3.0 million for the three month period endedJune 30, 2017 compared to tax expense of $2.6 million in the same period of the prior year.

Net Income: Atlas reported net income of $5.5 million for the three month period endedJune 30, 2017, compared to $4.9 million for the three month period endedJune 30, 2016.

Earnings per share (“EPS”): Atlas generated $0.45 per common share diluted for the three month period endedJune 30, 2017. This compares to $0.38 per common share diluted as reported for the three month period endedJune 30, 2016.

Share Count: The following chart illustrates Atlas’ potential dilutive common shares for the three month periods endedJune 30, 2017 and 2016:

	Three Month Periods Ended
	June 30, 2017	June 30, 2016
Weighted average common shares outstanding	12,045,519	12,045,519
Dilutive potential ordinary shares:
Dilutive stock options	136,361	179,835
Dilutive shares upon preferred share conversion	—	522,397
Dilutive average common shares outstanding	12,181,880	12,747,751

Balance Sheet/Investment Overview

Book Value: Book value per common share was $11.50 based on 12,045,519 common shares outstanding as of June 30, 2017, compared to $10.54 based on 12,045,519 common shares outstanding as of December 31, 2016. Book value per common share of $11.50 increased by $0.96 relative to December 31, 2016 as follows:

$0.84    increase related to net income after tax and before items indicated below;

$0.02    increase related to the change in net realized investment gains after tax;

$0.05    increase related to the change in unrealized gains/losses after tax; and

$0.05    increase related to share-based compensation.

$0.96    total increase from December 31, 2016 book value per common share

Cash and Invested Assets: Cash and invested assets as of June 30, 2017 totaled $241.8 million as compared to $224.8 million as of December 31, 2016.

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

Exhibit 99.1

securities with overall maturities that correlate with the payout patterns of Atlas’ claims liabilities and other liquidity needs. Other than fixed income investments are limited to an appropriately small percentage of our portfolio and are generally opportunities identified through the Company’s specialty focus or by leveraging the resources of our business partners. As of June 30, 2017, the average life on the Company’s portfolio was 4.6 years with a duration of 3.6 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 $1.3 million and $1.1 million for the quarters ended June 30, 2017 and 2016, as well as $284,000 and $155,000 of realized gains, respectively. The gross annualized investment yield on the Company’s fixed income securities was 2.3% and 2.0% for the quarters ended June 30, 2017 and 2016, respectively. The gross annualized investment yield on the Company’s cash and cash equivalents was 0.3% and 0.1% for the quarters ended June 30, 2017 and 2016, respectively. The increase in investment income from the prior year period was primarily the result of higher returns on equity method investments and interest income on collateral loans, partially offset by lower interest income on the Company’s fixed income securities portfolio.

Outlook for 2017

Mr. Wollney concluded, “Over the second half of 2017, Atlas’ principal focus is to continue the integration of technology and analytics to optimize the ecosystem including our organization, distribution partners, and insureds. Given that our target market is a higher-frequency line of business, we expect the incremental benefit from predictive analytics and telematics related initiatives underway to be particularly impactful for Atlas. Based on our continuing efforts to create awareness, coupled with the improving capability and reduced cost of emerging in-vehicle and other technologies, there is an increased opportunity to measure and improve the driving habits of properly licensed drivers that fit our underwriting criteria. When coupled with our deep repository of data and experience, we expect to see lesser volatility in loss ratios over time while simultaneously identifying potential areas or markets where loss experience is changing more quickly than was historically possible. This is allowing Atlas to grow in the right markets without sacrificing our disciplined commitment to better-than-industry bottom line results. During the second quarter we reported an annualized ROE in the high teens (16.2% annualized) and feel well positioned to improve based on the current market environment.”

Exhibit 99.1

Conference Call Details

Date/Time:Tuesday, August 8, 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/q2-2017. 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 para-transit, 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 or through Atlas’ website at http://www.atlas-fin.com/InvestorRelations/FinancialReports.aspx.

Exhibit 99.1

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

###

Exhibit 99.1

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						Six Month Periods Ended
Condensed Consolidated Statements of Income	June 30, 2017 (unaudited)			June 30, 2016 (unaudited)			June 30, 2017 (unaudited)			June 30, 2016 (unaudited)
Net premiums earned	$	54,049		$	41,802		$	102,475		$	83,555
Net investment income	1,266			1,112			2,409			1,765
Net realized investment gains	284			155			418			394
Other income	103			127			217			229
Total revenue	55,702			43,196			105,519			85,943
Net claims incurred	32,469			24,574			61,769			49,514
Acquisition costs	6,670			3,970			11,766			8,023
Other underwriting expenses	7,342			6,783			14,933			13,354
Amortization of intangible assets	98			98			195			195
Interest expense	644			266			912			499
Expenses recovered pursuant to stock purchase agreement	—			—			—			(402		)
Total expenses	47,223			35,691			89,575			71,183
Income from operations before income tax expense	8,479			7,505			15,944			14,760
Income tax expense	2,969			2,605			5,582			5,049
Net income	5,510			4,900			10,362			9,711
Less: Preferred share dividends	—			78			—			161
Net income attributable to common shareholders	$	5,510		$	4,822		$	10,362		$	9,550
Basic weighted average common shares outstanding	12,045,519			12,045,519			12,045,519			12,045,519
Earnings per common share, basic	$	0.46		$	0.40		$	0.86		$	0.79
Diluted weighted average common shares outstanding	12,181,880			12,747,751			12,191,646			12,749,083
Earnings per common share, diluted	$	0.45		$	0.38		$	0.85		$	0.76
Condensed Consolidated Statements of Comprehensive Income
Net income	$	5,510		$	4,900		$	10,362		$	9,711
Other comprehensive income:
Changes in net unrealized investment gains	733			1,756			1,082			4,661
Reclassification to net income	(150		)	288			(239		)	248
Effect of income tax	(204		)	(715		)	(295		)	(1,718		)
Other comprehensive income	379			1,329			548			3,191
Total comprehensive income	$	5,889		$	6,229		$	10,910		$	12,902

Exhibit 99.1

ATLAS FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

($ in ‘000s, except for share and per share data)

	June 30, 2017 (unaudited)			December 31, 2016
Assets
Investments, available for sale
Fixed income securities, at fair value (amortized cost $153,761 and $157,451)	$	153,826		$	156,487
Equity securities, at fair value (cost $4,401 and $5,598)	4,841			6,223
Other investments	33,914			32,181
Total Investments	192,581			194,891
Cash and cash equivalents	49,228			29,888
Accrued investment income	1,656			1,228
Premiums receivable (net of allowance of $2,980 and $2,366)	95,685			77,386
Reinsurance recoverables on amounts paid	6,646			7,786
Reinsurance recoverables on amounts unpaid	27,938			35,370
Prepaid reinsurance premiums	14,002			13,372
Deferred policy acquisition costs	17,228			13,222
Deferred tax asset, net	17,327			18,498
Goodwill	2,726			2,726
Intangible assets, net	4,340			4,535
Property and equipment, net	12,680			11,770
Other assets	8,429			12,905
Total Assets	$	450,466		$	423,577
Liabilities
Claims liabilities	$	118,989		$	139,004
Unearned premiums	143,271			113,171
Due to reinsurers	8,747			8,369
Notes payable, net	23,935			19,187
Other liabilities and accrued expenses	16,667			16,504
Total Liabilities	$	311,609		$	296,235
Shareholders’ Equity
Preferred shares, $0.001 par value, 100,000,000 shares authorized, shares issued and outstanding: June 30, 2017 and December 31, 2016 - 0. Liquidation value $1.00 per share	$	—		$	—
Ordinary voting common shares, $0.003 par value, 266,666,667 shares authorized, shares issued and outstanding: June 30, 2017 - 11,930,703 and December 31, 2016 - 11,895,104	36			36
Restricted voting common shares, $0.003 par value, 33,333,334 shares authorized, shares issued and outstanding: June 30, 2017 - 100,000 and December 31, 2016 - 128,191	—			—
Additional paid-in capital	199,849			199,244
Retained deficit	(61,356		)	(71,718		)
Accumulated other comprehensive income (loss), net of tax	328			(220		)
Total Shareholders’ Equity	138,857			127,342
Total Liabilities and Shareholders’ Equity	$	450,466		$	423,577

Exhibit 99.1

Use of Non-U.S. GAAP Financial Measurements

Atlas uses these non-GAAP financial measures in order to present its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. The non-GAAP financial measures that Atlas presents 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								Six Month Periods Ended
	June 30, 2017				June 30, 2016				June 30, 2017				June 30, 2016
Net income	$	5,510	$	0.45	$	4,900	$	0.38	$	10,362	$	0.85	$	9,711		$	0.76
Add: income tax expense	2,969		0.25		2,605		0.21		5,582		0.46		5,049			0.40
Add: expenses recovered pursuant to stock purchase agreement	—		—		—		—		—		—		(402		)	(0.03		)
Add: interest expense	644		0.05		266		0.02		912		0.07		499			0.04
Less: net realized investment gains	284		0.02		155		0.01		418		0.03		394			0.03
Less: other income	103		0.01		127		0.01		217		0.02		229			0.02
Adjusted operating income, before tax	$	8,736	$	0.72	$	7,489	$	0.59	$	16,221	$	1.33	$	14,234		$	1.12

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:	June 30, 2017			March 31, 2017			December 31, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Total shareholders’ equity	$	138,857		$	132,683		$	127,342		$	142,958		$	136,341		$	129,622
Less: preferred shares	—			—			—			(6,539		)	(6,539		)	(6,941		)
Less: accrued dividends on preferred shares	(333		)	(333		)	(333		)	(622		)	(543		)	(460		)
Total common equity	$	138,524		$	132,350		$	127,009		$	135,797		$	129,259		$	122,221

Exhibit 99.1

Reconciliation of U.S. GAAP Return on Equity to Return on Common Equity ($ in ‘000s)
	Three Month Periods Ended						Six Month Periods Ended
	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Net income	$	5,510		$	4,900		$	10,362		$	9,711
Average equity	135,769			139,648			133,099			136,289
Return on equity	16.2		%	14.0		%	15.6		%	14.2		%
Net income	$	5,510		$	4,900		$	10,362		$	9,711
Preferred share dividends accrued	—			(78		)	—			(161		)
Net income attributable to common shareholders	$	5,510		$	4,822		$	10,362		$	9,550
Average common equity	135,437			132,527			132,767			129,008
Return on average common equity	16.3		%	14.6		%	15.6		%	14.8		%

EX-99.2

NASDAQ: AFH 2017 Second Quarter Conference Call August 8, 2017

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second 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, Inc., 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. Corporate Headquarters Elk Grove Village, IL (Chicago Suburb) Core Target Markets Taxi/Limo/Livery/Paratransit NASDAQ: AFH At 6/30/2017 At 12/31/2016 Cash and Investments $241.8 million $224.8 million Total Assets $450.5 million $423.6 million Total Atlas Shareholders’ Equity $138.9 million $127.3 million Common Shares Outstanding (includes Restricted Share Units) 12,045,519 12,045,519 Book Value Per Outstanding Common Share $11.50 $10.54 Safe Harbor

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 3 2017 Q2 Financial and Underwriting Results Premium Results Underwriting Results Book Value Growth GPW increased 18.6% to $57.4 million • Overall premium shifted toward limo / livery / paratransit during period Combined ratio was 86.2% as compared to 84.8% for the prior year period Atlas increased book value to $11.50 at 6/30/2017, $10.54 at 12/31/2016, and $11.27 at 6/30/2016 Gross Written Premium (in millions) $80.0 $60.0 $40.0 $20.0 $0.0 Q2 2016 Q2 2017 $48.4 $57.4 Income Before Tax (in thousands) $8,000 $6,000 $4,000 $2,000 $0 Q2 2016 Q2 2017 $7,505 $8,479 Earnings per Common Share Diluted $0.50 $0.45 $0.40 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 Q2 2016 Q2 2017 $0.38 $0.45 Book Value per Common Share $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 $2.0 $0.0 Q2 2016 Q2 2017 $11.27 $11.50

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 4 Business Mix Analysis Limo/Livery and Paratransit continue to show strong growth • Ave premium per vehicle increased quarter over quarter • Growth in both premium and vehicles in-force • Continued focus on growing market share in traditional niche and pursuing TNC related business nationwide • Consistent claims and underwriting discipline Taxi premium down slightly • Continue to see positive sights of stability in the segment • Ave premium per vehicle decreased as a result of the continued focus on predictive analytics • Accounts reporting fewer vehicles being taken out of service, with modest return of some drivers • Current livery drivers who were on a taxi policy one year ago remains at approximately 10% Expectations: Taxi growth will be flat 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 and competitive dynamic

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 5 Atlas Business Mix Taxi Limo/Livery Paratransit 2015 Taxi Limo/Livery Paratransit 2016 Taxi Limo/Livery Paratransit YTD Q2 2017

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 6 Geographic Diversification Three Month Periods Ended June 30, 2017 June 30, 2016 New York $ 15,438 26.9% $ 12,649 26.2% California 9,589 16.7% 6,808 14.1% New Jersey 3,142 5.5% 353 0.7% Virginia 2,402 4.2% 2,013 4.2% Washington 2,236 3.9% 1,886 3.9% Texas 2,137 3.7% 2,449 5.1% Ohio 1,948 3.4% 1,362 2.8% Louisiana 1,895 3.3% 2,579 5.3% Michigan 1,689 2.9% 2,273 4.7% Illinois 1,588 2.8% 1,108 2.3% Other 15,290 26.7% 14,873 30.7% Total $ 57,354 100.0% $ 48,353 100.0% NY: 26.9% CA: 16.7% NJ: 5.5% VA: 4.2% WA: 3.9% TX: 3.7% OH: 3.4% LA: 3.3% MI: 2.9% IL: 2.8% Other: 26.7% NY: 26.2% CA: 14.1% NJ: 0.7% VA: 4.2% WA: 3.9%TX: 5.1% OH: 2.8% LA: 5.3% MI: 4.7% IL: 2.3% Other: 30.8% Nationwide market share is estimated at approximately 10%, with proportionate share forecast at 20% Gross premium written by state (in $000) Very limited volume of business in-force in FL to evaluate market conditions

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 7 Commercial Auto Insurance Competitive Landscape Commercial Auto is the only large segment with rate changes trending up Rate increases “retrenching” as result of industry reserve strengthening

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 8 ASI Pool Global - 2015 Atlas Combined Unearned Premium Reserve Premium Inforce (Bars) Unearned Premium (Line) $300 $250 $200 $150 $100 $50 $0 M ill io ns Q1 201 3 Q2 201 3 Q3 201 3 Q4 201 3 Q1 201 4 Q2 201 4 Q3 201 4 Q4 201 4 Q1 201 5 Q2 201 5 Q3 201 5 Q4 201 5 Q1 201 6 Q2 201 6 Q3 201 6 Q4 201 6 Q1 201 7 Q2 201 7 Written Premium: In-force At June 30, 2017, in-force premium was $264.6 million and the Company’s gross unearned premium reserve was $143.3 million.

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 9 Prior sequential rate increases actuarially determined to achieve expected profitability targets • Maximum rate supported taken each year • There were 453 open Michigan claims as of June 30, 2017 Michigan Inforce 3,000 2,500 2,000 1,500 1,000 500 0 Jan -16 Feb -16 Ma r-16 Ap r-16 Ma y-1 6 Jun -16 Jul -16 Au g-1 6 Sep -16 Oc t-16 No v-1 6 De c-1 6 Jan -17 Feb -17 Ma r-17 Ap r-17 Ma y-1 7 Jun -17 Michigan Exposure

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 10 Operating Leverage (Actual through Q2 2017) GAAP Version Statutory Version NWP Surplus NWP Core-Surplus (right axis) GWP Core-Surplus (right axis) $300 $250 $200 $150 $100 $50 $0 M ill io ns 2.40 1.90 1.40 0.90 0.40 -0.10 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 $59 $66 $74 $85 $94 $101 $108 $111 $122 $137 $151 $169 $178 $177 $177 $180 $215 $227 $49 $53 $53 $53 $54 $61 $62 $63 $81 $104 $112 $118 $122 $129 $133 $114 $118 $125 1.19 1.23 1.41 1.60 1.74 1.66 1.76 1.76 1.51 1.32 1.35 1.42 1.46 1.37 1.33 1.58 1.83 1.82 1.23 1.27 1.46 1.67 1.81 1.73 1.86 1.90 1.66 1.51 1.62 1.75 1.86 1.78 1.68 1.96 2.20 2.15 NWP GAAP Common Equity NWP Core-Surplus (right axis) GWP Core-Surplus (right axis) $300 $250 $200 $150 $100 $50 $0 M ill io ns 2.00 1.50 1.00 0.50 0.00 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 $59 $66 $74 $85 $94 $101 $108 $111 $122 $137 $151 $169 $178 $177 $177 $180 $215 $227 $42 $37 $51 $62 $65 $94 $97 $107 $111 $114 $119 $122 $129 $136 $143 $127 $133 $139 1.38 1.78 1.44 1.38 1.44 1.07 1.11 1.03 1.10 1.21 1.28 1.38 1.38 1.30 1.24 1.41 1.62 1.631.43 1.85 1.50 1.44 1.50 1.11 1.18 1.11 1.21 1.39 1.53 1.70 1.76 1.68 1.57 1.76 1.95 1.93 Continue to hold sufficient capital on hand to self-fund profitable growth in the foreseeable future

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 11 Atlas 2017 Capital Activities Senior Notes Offering (NASDAQ: AFHBL) • Closed April 26, 2017 • 6.625% Senior Notes due 2022, at a price equal to 100% of the aggregate principal amount of the Senior Notes • Net proceeds of approximately $23.9 million • Company used a portion of the proceeds in combination with cash on hand, for the repayment of $19.4 million in outstanding indebtedness under its secured credit facility (which was then terminated) and intends to utilize the balance for general corporate purposes including, but not limited to, repurchasing common stock, supporting organic growth, and funding potential acquisitions Share Repurchase Program • Announced March 21, 2017 • Over the next 12 months, the Company may purchase up to 650,000 shares of common stock • The Company established a 10b5 plan following the latest blackout period • Pricing algorithm based on cost and expected return on capital deployed

Financial Highlights

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 13 2017 Second Quarter Financial Highlights 2017 Second Quarter Financial and Operating Information Quarterly Premiums Affected by Rate Decisions / Shift in Market Dynamics • Gross Written Premium generated by the Company for the second quarter ended June 30, 2017 grew by 18.6% to $57.4 million • In-force premium at June 30, 2017 increased 20.4% to $264.6 million, compared to $219.8 million Underwriting Performance • Underwriting income for the second quarter of 2017 was $7.5 million, compared to $6.4 million • Atlas’ underwriting expense ratio(1)(2) for the three months ended June 30, 2017 was 25.6% which falls within the Company’s annual target range of 24.5% to 26.5% • Combined Ratio(1) (“CR”) was 86.2% • Net income was $5.5 million or $0.45 per common share diluted (1) Ratios are computed as a percentage of net premiums earned (2) Excluding the impact of share-based compensation expenses Book Value / Return on Equity • Book value per share of $11.50 (increased YoY 2.0% and 9.1% compared to prior year end) • Annualized return on equity was 16.2% in the second quarter 2017 compared to 14.0% in the prior year period 2017 Financial Expectations ü Relative stability regarding target market with continued growth ü Emphasis remains on underwriting profit as priority ü Expense ratio at or below current levels ü Exceed P&C industry Return on Equity (“ROE”) by 500 - 1,000 bps No indicators of new market entry and Company continues to expect price leadership to optimize return on deployed capital via underwriting

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 14 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): Three Month Periods Ended June 30, 2017 June 30, 2016 Loss Ratio 60.1% 58.8 % Underwriting Expense Ratio: Acquisition cost ratio 12.3 % 9.5 % Other underwriting expense ratio 13.3 % 15.5 % Underwriting expense ratio before expenses related to stock purchase agreements and share-based compensation expenses 25.6 % 25.0 % Expenses recovered related to stock purchase agreement ratio — % — % Share-based compensation expense ratio 0.5 % 1.0 % Underwriting expense ratio 26.1% 26.0 % Total combined ratio 86.2% 84.8 %

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 15 Consistent Quarterly Year/Year Margin Improvement Since 2013 U.S. IPO Combined Operating Ratio 2013 2014 2015 2016 2017 150% 100% 50% 0% Q1 Q2 Q3 Q4 Loss & LAE Ratio Underwriting Expense Ratio 120% 100% 80% 60% 40% 20% 0% 2013 2014 2015 2016 YTD 2017 63.9% 62.3% 59.2% 78.8% 60.1% 30.3% 29.1% 29.0% 24.1% 26.1% Three Month Periods Ended June 30, 2017 June 30, 2016 Loss Ratio 60.1 % 58.8 % Underwriting expense ratio 26.1 % 26.0 % Combined Operating Ratio 86.2% 84.8% 72.9% impact in Q4 2016 related to claims reserve strengthening on prior accident years (1) Includes 19.1% impact for the full year related to claims reserves strengthening related to prior accident years (1)

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 16 Strong Balance Sheet with Availability of Capital to Support Growth • Attractive investment leverage ($ in millions) June 30, 2017 December 31, 2016 Cash and Investments $241.8 $224.8 Total Assets $450.5 $423.6 Claim Reserves (gross of Reinsurance) $119.0 $139.0 Unearned Premiums $143.3 $113.2 Atlas Shareholders’ Equity $138.9 $127.3

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 17 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 (3.6 years) Investment Portfolio • As of June 30, 2017, total cash and invested assets were $241.8 million, of which fixed income consisted of 63.6% • Predominantly corporate and government bonds • Average S&P rating of AA • 26.4% AAA • 81.5% A or better Investment Portfolio (6/30/2017) Government: 18% Corporate: 28% Mortgage Backed: 27% Other Asset Backed: 6% Equities: 3% Other Investments: 18% June 30, 2017 December 31, 2016 Amount % of Total Amount % of Total AAA/Aaa $ 40,567 26.4% $ 44,521 28.5% AA/Aa 60,709 39.5% 64,324 41.1% A/A 24,023 15.6% 23,427 15.0% BBB/Baa 27,434 17.8% 22,886 14.6% BB 873 0.6% 1,114 0.7% B 220 0.1% 215 0.1% Total Fixed Income Securities $ 153,826 100.0% $ 156,487 100.0%

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 18 Detailed Impact of Changes to Book Value per Common Share $ 0.84 increase related to net income after tax and before items indicated below; 0.02 increase related to the change in net realized investment gains after tax; 0.05 increase related to the change in unrealized gains/losses after tax; and 0.05 increase related to share-based compensation $ 0.96 total increase from December 31, 2016 book value per common share Book value per common share of $11.50 increased by $0.96 relative to December 31, 2016 as follows:

Concluding Remarks

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 20 Written Premium: Rate Activity Atlas Rate Change (Ave) Average ISO Recommendation (for period) Pricing Relative to ISO 25 20 15 10 5 0 -5 -10 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 Q1 17 Q2 17

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 21 Operating Activities: Underwriting (commercial business only: excludes Global Liberty) 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. Target of 85% based on current market conditions. Hit Ratio Target Hit Ratio Persistency Target Persistency 120% 100% 80% 60% 40% 20% 0% Jan , 2 01 5 Fe b, 20 15 M ar, 20 15 Ap r, 2 01 5 M ay , 2 01 5 Ju n, 20 15 Ju l, 2 01 5 Au g, 20 15 Se p, 20 15 Oc t, 2 01 5 No v, 20 15 De c, 20 15 Jan , 2 01 6 Fe b, 20 16 M ar, 20 16 Ap r, 2 01 6 M ay , 2 01 6 Ju n, 20 16 Ju l, 2 01 6 Au g, 20 16 Se p, 20 16 Oc t, 2 01 6 No v, 20 16 De c, 20 16 Jan , 2 01 7 Fe b, 20 17 M ar, 20 17 Ap r, 2 01 7 M ay , 2 01 7 Ju n, 20 17 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)

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 22 Incremental Benefit of Predictive Analytics Pricing & Underwriting Policy Quote Predictive Model Written Premium 6/1/2016 - 6/30/2017 40,000 30,000 20,000 10,000 0 W rit te n Pr em iu m (0 00 s) 0 - 100 101 - 200 201 - 300 301 - 400 401 - 500 501 - 600 601 - 700 701 - 800 801 - 900 901+ Score Group Policy Quote Predictive Model Policy Counts 6/1/2016 - 6/30/2017 6,000 5,000 4,000 3,000 2,000 1,000 0 Po lic y C ou nt 0 - 100 101 - 200 201 - 300 301 - 400 401 - 500 501 - 600 601 - 700 701 - 800 801 - 900 901+ Score Group Key Reasons for Quotes “More” than Model • Limit on POS external credit use • Association accounts • Underwriting considerations Continued desired bias towards better predicted L/R accounts with higher hit ratio on “right” end of scale.

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 23 Operating Activities: Underwriting (commercial business only: excludes Global Liberty) New Vehicles (incls Expiring) Prior Year New Business Submissions (Monthly Vehicles Submitted) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Actual Prior Year Vehicles In Force 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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 212-836-9606A reconciliation of Non-GAAP financial measures can be found on the next slide

August 8, 2017 Atlas Financial Holdings, Inc. 2017 Second Quarter Conference Call 25 Reconciliation 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. 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 Net Income to Adjusted Operating Income, Before Tax ($ in ‘000s, except per share data) Three Month Periods Ended Six Month Periods Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Net Income $ 5,510 $ 0.45 $ 4,900 $ 0.38 $ 10,362 $ 0.85 $ 9,711 $ 0.76 Add: income tax expense 2,969 0.25 2,605 0.21 5,582 0.46 5,049 0.40 Add: expenses recovered pursuant to stock purchase agreement — — — — — — (402) (0.03) Add: interest expense 644 0.05 266 0.02 912 0.07 499 0.04 Less: net realized investment gains 284 0.02 155 0.01 418 0.03 394 0.03 Less: other income 103 0.01 127 0.01 217 0.02 229 0.02 Adjusted operating income, before tax $ 8,736 $ 0.72 $ 7,489 $ 0.59 $ 16,221 $ 1.33 $ 14,234 $ 1.12 Reconciliation of U.S. GAAP Shareholders’ Equity to Common Equity ($ in ‘000s) As of: June 30, 2017 March 31, 2017 December 31, 2016 June 30, 2016 March 31, 2016 December 31, 2015 Total shareholders’ equity $ 138,857 $ 132,682 $ 127,342 $ 142,956 $ 136,341 $ 129,622 Less: preferred shares — — — (6,539) (6,539) (6,941) Less: accrued dividends on preferred shares (333) (333) (333) (622) (543) (460) Total common equity $ 138,524 $ 132,349 $ 127,009 $ 135,795 $ 129,259 $ 122,221 Reconciliation of U.S. GAAP Return on Equity to Return on Common Equity ($ in ‘000s) Three Month Periods Ended Six Month Periods Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Net income $ 5,510 $ 4,900 $ 10,362 $ 9,711 Average equity 135,769 139,648 133,099 136,289 Return on equity 16.2% 14.0% 15.6% 14.2% Net income $ 5,510 $ 4,900 $ 10,362 $ 9,711 Preferred share dividends accrued — (78) — (161) Net income attributable to common shareholders $ 5,510 $ 4,822 $ 10,362 $ 9,550 Average common equity 135,437 132,527 132,767 129,008 Return on average common equity 16.3% 14.6% 15.6% 14.8%