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):  May 7, 2018.

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.)
953 AMERICAN LANE, 3RD FLOOR	60173
Schaumburg, 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 May 7, 2018, Atlas Financial Holdings, Inc. (“Atlas”) reported its results for the quarter ended March 31, 2018. 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 May 7, 2018, issued by Atlas Financial Holdings, Inc.

Exhibit 99.2 - Investor Supplement, dated May 7, 2018, issued by Atlas Financial Holdings, Inc.

Exhibit Index

99.1	Earnings Press Release, dated May 7, 2018, issued by Atlas Financial Holdings, Inc.
99.2	Investor Supplement, dated May 7, 2018, 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)

May 7, 2018

EX-99.1

Exhibit 99.1

Atlas Financial Holdings Announces 2018First Quarter Financial Results

Company to Hold Conference Call on Tuesday, May 8, 2018 at 8:30 a.m. ET

First Quarter 2018 Financial Performance Summary (comparisons to First Quarter 2017 unless noted):

• Gross premiums written decreased by 3.0% to $95.6 million

• In-force premium increased 7.4% to $274.6 million

• Total revenue increased by 14.8% to $57.2 million

• Underwriting income for the first quarter2018 was $6.0 million, compared to $6.3 million

• The combined ratio for the first quarter2018 was 89.3%, compared to 86.9%

• Net income for the first quarter 2018 was $5.5 million, or $0.45 earnings per common share diluted, compared to $4.9 million, or $0.40 earnings per common share diluted, representing an increase in earnings per common share diluted of $0.05

• Annualized return on equity was 24.3% in the first quarter2018 compared to 14.9%

Chicago, Illinois (May 7, 2018) - Atlas Financial Holdings, Inc. (NASDAQ: AFH) (“Atlas” or the “Company”) today reported its financial results for the first quarter ended March 31, 2018.

Management Comments

Scott D. Wollney, Atlas’ President and CEO, stated, “We achieved a solid start to 2018 with a focus on underwriting profitability. Our expectation is that the conservative approach we’ve taken with respect to current year loss ratio coupled with incremental rate increases and our continued stringent evaluation of claims inventory and subsequent closure levels will optimize retained earnings over time. By leveraging analytics to amplify the core expertise we’ve established as a specialist, our team works diligently to identify challenging claims, with the goal of ensuring that we defend our clients against non-meritorious claims but also proactively settle appropriate claims as quickly and accurately as possible. In addition to overall rate activity, we are confident that our investment in technology and analytics is also having a positive impact on underwriting activities. The first quarter illustrates the earnings power of our business with an annualized return on equity of 24.3% in the first quarter compared to 14.9% in the prior year quarter.”

Financial and Operational Review

Premiums Written: For the three month period endedMarch 31, 2018, gross premiums written was $95.6 million compared to $98.5 million for the three month period endedMarch 31, 2017, representing a 3.0% decrease. Gross premiums written decreased primarily due to the non-renewal of one large Illinois taxi fleet as a result of disciplined underwriting practices.

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 endedMarch 31, 2017, Atlas experienced growth in gross premiums written in its core business in 24 states for the three month period endedMarch 31, 2018. Based on the Company’s commitment to optimize return on deployed capital, the Company utilizes predictive analytics based pricing coupled with its strong value proposition to grow market share in environments that are favorable and is prepared to reduce exposure to those that are more challenging.

Combined Ratio: Atlas’ combined ratio increased for the three month period endedMarch 31, 2018 to 89.3%, compared to 86.9% in the prior year period.

• Loss Ratio: The loss ratio relating to claims incurred for the three month period endedMarch 31, 2018 was 62.7%, compared to 60.5% for the three month period endedMarch 31, 2017. The loss ratio increased over the prior year period primarily as a result of the Company’s continued review of underwriting profitability by

Exhibit 99.1

product and state and higher than expected claim cost associated with Atlas’ participation in non-voluntary assigned risk pools and run-off commercial auto. For reference, 1.4 percentage points of the year-over-year difference is attributable to assigned risk business, reflecting the challenges facing broader commercial auto, with the remainder of the change attributable to a more conservative current year loss ratio selection. 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 benefit from the data and experience within its organization. Atlas believes this approach amplifies the value of the assets accumulated over its operating subsidiaries’ many years spent focusing on niche target markets to model potential risk and deliver value for both 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.

• Underwriting Expense Ratio: The underwriting expense ratio for the three month period endedMarch 31, 2018 was 26.6% compared to 26.4% for the three month period endedMarch 31, 2017. The ratio increased mainly because of higher than average acquisition costs in the quarter. The average was higher due to the non-renewal of the one large taxi fleet in Illinois which had been historically underwritten at zero commissions. As previously indicated, due to seasonality and the timing of certain expenses, the Company believes the full year expense ratio is a more indicative measure of efficiency that the ratio in any given quarter. Atlas remains focused on continually enhancing its value proposition through re-investment into research and development to ensure that its organization is able to continue leading the industry in terms of existing and developing niche markets on which Atlas focuses.

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
	March 31, 2018			March 31, 2017
Loss Ratio:
Current accident year	60.7		%	59.9		%
Prior accident years	2.0		%	0.6		%
Loss Ratio	62.7		%	60.5		%
Underwriting Expense Ratio:
Acquisition cost ratio	10.7		%	10.5		%
Other underwriting expense ratio	16.8		%	16.0		%
DPAC amortization ratio	(0.5	)	%	(0.8	)	%
Underwriting expense ratio before expenses related to stock purchase agreements and share-based compensation expenses	27.0		%	25.7		%
Expenses recovered related to stock purchase agreement ratio	(0.9	)	%	—		%
Share-based compensation expense ratio	0.5		%	0.7		%
Underwriting expense ratio	26.6		%	26.4		%
Total combined ratio	89.3		%	86.9		%

Exhibit 99.1

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
	March 31, 2018		March 31, 2017
Acquisition costs	13.3	%	13.7	%
Other insurance general and administrative expenses	15.1	%	14.0	%
DPAC amortization	(0.5	)%	(0.7	)%
Expenses recovered related to stock purchase agreements	(0.8	)%	—	%
Share-based compensation expense	0.5	%	0.6	%
Total underwriting expense ratio	27.6	%	27.6	%

Underwriting Results: Underwriting profit decreased to $6.0 million for the three month period endedMarch 31, 2018, compared to $6.3 million in the same period of the prior year, representing a 5.8% decrease.

Net Income before Income Taxes: Net income before income taxes decreased to $6.8 million for the three month period endedMarch 31, 2018, compared to $7.5 million in the same period of the prior year, representing a 8.7% decrease.

Income Taxes: Atlas recognized tax expense of $1.3 million for the three month period endedMarch 31, 2018 compared to a 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 endedMarch 31, 2018, compared to $4.9 million for the three month period endedMarch 31, 2017.

Earnings per common share (“EPS”): Atlas generated $0.45 earnings per common share diluted for the three month period endedMarch 31, 2018. This compares to $0.40 earnings per common share diluted as reported for the three month period endedMarch 31, 2017.

Share Count: The following chart illustrates Atlas’ potential dilutive common shares for the three month periods endedMarch 31, 2018 and 2017:

	Three Month Periods Ended
	March 31, 2018	March 31, 2017
Weighted average common shares outstanding	12,140,587	12,045,519
Dilutive potential ordinary shares:
Dilutive stock options	57,474	155,049
Dilutive average common shares outstanding	12,198,061	12,200,568

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 periods endedMarch 31, 2018 and March 31, 2017, all exercisable stock options were deemed to be dilutive.

Exhibit 99.1

Balance Sheet/Investment Overview

Book Value: Book value per common share was $7.62 based on 11,944,378 common shares outstanding as of March 31, 2018, compared to $7.42 based on 12,178,857 common shares outstanding as of December 31, 2017. Book value per common share of $7.62 increased by $0.20 relative to December 31, 2017 as follows:

$	0.44		increase related to net income after tax and before items indicated below;
(0.01		)	decrease related to the loss from change in fair value of equity securities;
0.02			increase related to the change in net realized investment gains after tax;
(0.17		)	decrease related to the change in unrealized gains/losses after tax;
(0.09		)	decrease related to stock repurchases; and
0.01			increase related to share-based compensation.
$	0.20		total increase fromDecember 31, 2017book value per common share

Cash and Invested Assets: Cash and invested assets as of March 31, 2018 totaled $239.3 million as compared to $243.5 million as of December 31, 2017.

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. Other than fixed income investments are limited to an appropriately small percentage of its portfolio and are generally opportunities identified through the Company’s specialty focus or by leveraging the resources of its business partners. As of March 31, 2018, the average life on the Company’s portfolio was 5.2 years with a duration of 4.0 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.

Net Investment Income / Net Investment Realized Gains: Atlas generated net investment income of $964,000 and $1.1 million for the quarters ended March 31, 2018 and 2017, as well as $293,000 and $134,000 of net realized gains, respectively. The decrease in net investment income from the prior year period was primarily the result of lower returns on equity method investments and higher investment expenses, partially offset by higher interest income on the Company’s fixed income securities portfolio. The higher interest income on fixed income securities resulted from increased yields on the fixed income securities portfolio. The gross annualized investment yield on the Company’s fixed income securities was 2.6% and 2.2% for the quarters ended March 31, 2018 and 2017, respectively. The increase in the gross annualized yield was due to management’s decision to use the proceeds from the maturity and sales of certain fixed income securities to purchase fixed income securities with higher yields. The gross annualized investment yield on the Company’s cash and cash equivalents was 0.5% and 0.2% for the quarters ended March 31, 2018 and 2017, respectively. The increase in gross yield on cash investments was due to higher interest rates on certain accounts and higher balances in accounts earning greater interest. The increase in net realized gains was primarily comprised of gains from the sale of equity securities, partially offset by losses from the sale of fixed income securities.

Beginning January 1, 2018, Atlas adopted Accounting Standards Update 2016-01, which requires changes in the unrealized market value of equities held at fair value to be recorded through net income. Atlas recorded a loss of $128,000 through net income for the quarter ended March 31, 2018 related to the changes in unrealized amounts on equities held at fair value.

Outlook for 2018

Atlas expects to write in excess of $300 million in premiums in 2018, which is a consistent rate of growth relative to last year, subject to market conditions. Based on recent commercial auto industry results, the Company expects further market hardening through 2018. As always, underwriting profit will take precedent over top line growth.

At that level of premium and expected use of the Company’s existing reinsurance programs, with a full year combined ratio in the mid-80s, it is reasonable to expect annual net earnings per share to exceed $2.00.

Exhibit 99.1

Mr. Wollney concluded, “We continued to emphasize bottom line performance over top line growth, with written premiums coming in as expected in the first quarter following rate enhancements. We do expect to write in excess of $300 million in premiums in 2018, but remain focused on utilizing the repository of data specific to our niche and integrating predictive analytics to achieve returns on equity over the broader P&C universe.”

Conference Call Details

Date/Time:            Tuesday, May 8, 2018 - 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/q1-2018. 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., Plainview Premium Finance Company of California, Inc., UBI Holdings Inc., and DriveOn Digital IP Inc. Additional information about Atlas, including a copy of Atlas’ 2017 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 2017 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
Condensed Consolidated Statements of Income	March 31, 2018 (unaudited)			March 31, 2017 (unaudited)
Net premiums earned	$	55,892		$	48,426
Net investment income	964			1,143
(Loss) income from change in fair value of equity securities	(128		)	—
Net realized gains	293			134
Other income	164			114
Total revenue	57,185			49,817
Net claims incurred	35,046			29,300
Acquisition costs	5,976			5,096
Other underwriting expenses	9,319			7,591
Amortization of intangible assets	97			97
Interest expense	455			268
Expenses recovered pursuant to stock purchase agreement	(520		)	—
Total expenses	50,373			42,352
Income from operations before income taxes	6,812			7,465
Income tax expense	1,283			2,613
Net income	5,529			4,852
Less: Preferred share dividends	—			—
Net income attributable to common shareholders	$	5,529		$	4,852
Basic weighted average common shares outstanding	12,140,587			12,045,519
Earnings per common share, basic	$	0.46		$	0.40
Diluted weighted average common shares outstanding	12,198,061			12,200,568
Earnings per common share, diluted	$	0.45		$	0.40
Condensed Consolidated Statements of Comprehensive Income
Net income	$	5,529		$	4,852
Other comprehensive (loss) income:
Changes in net unrealized investment (losses) gains	(2,768		)	349
Reclassification to net income	158			(89		)
Effect of income taxes	549			(91		)
Other comprehensive (loss) income	(2,061		)	169
Total comprehensive income	$	3,468		$	5,021

Exhibit 99.1

ATLAS FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

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

	March 31, 2018 (unaudited)			December 31, 2017
Assets
Investments
Fixed income securities, available for sale, at fair value (amortized cost $152,288 and $158,411)	$	149,251		$	157,984
Equity securities, at fair value (cost $6,966 and $7,969)	7,315			8,446
Other investments	30,071			31,438
Total Investments	186,637			197,868
Cash and cash equivalents	52,688			45,615
Accrued investment income	1,362			1,248
Premiums receivable (net of allowance of $3,656 and $3,418)	101,412			79,664
Reinsurance recoverables on amounts paid	9,700			7,982
Reinsurance recoverables on amounts unpaid	52,316			53,402
Prepaid reinsurance premiums	14,993			12,878
Deferred policy acquisition costs	19,753			14,797
Deferred tax asset, net	16,101			16,985
Goodwill	2,726			2,726
Intangible assets, net	4,048			4,145
Property and equipment, net	27,000			24,439
Other assets	18,718			20,754
Total Assets	$	507,454		$	482,503
Liabilities
Claims liabilities	$	204,742		$	211,648
Unearned premium reserves	156,453			128,043
Due to reinsurers	10,135			8,411
Notes payable, net	24,087			24,031
Other liabilities and accrued expenses	20,647			19,725
Total Liabilities	$	416,064		$	391,858
Shareholders’ Equity
Ordinary voting common shares, $0.003 par value, 266,666,667 shares authorized, shares issued: March 31, 2018 - 12,192,475 and December 31, 2017 - 12,164,041; shares outstanding: March 31, 2018 - 11,936,970 and December 31, 2017 - 12,164,041	$	36		$	36
Restricted voting common shares, $0.003 par value, 33,333,334 shares authorized, shares issued and outstanding: March 31, 2018 and December 31, 2017 - 0	—			—
Additional paid-in capital	201,382			201,105
Treasury stock, at cost: March 31, 2018 - 255,505 and December 31, 2017 - 0 shares of ordinary voting common shares	(3,000		)	—
Retained deficit	(104,629		)	(110,535		)
Accumulated other comprehensive (loss) income, net of tax	(2,399		)	39
Total Shareholders’ Equity	91,390			90,645
Total Liabilities and Shareholders’ Equity	$	507,454		$	482,503

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 income taxes includes both underwriting income and loss and net investment income, but excludes net realized 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 net claims incurred, policy acquisition costs and general operating expenses.

Reconciliation of U.S. GAAP Net Income to Adjusted Operating Income, Before Income Taxes ($ in ‘000s, except per share data)
	Three Month Periods Ended
	March 31, 2018						March 31, 2017
Net income	$	5,529		$	0.45		$	4,852	$	0.40
Add: income tax expense	1,283			0.10			2,613		0.21
Add: expenses recovered pursuant to stock purchase agreement	(520		)	(0.04		)	—		—
Add: interest expense	455			0.04			268		0.02
Less: loss from change in fair value of equity securities	(128		)	(0.01		)	—		—
Less: net realized investment gains	293			0.02			134		0.01
Less: other income	164			0.01			114		0.01
Adjusted operating income, before income taxes	$	6,418		$	0.53		$	7,485	$	0.61

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:	March 31, 2018			December 31, 2017			March 31, 2017			December 31, 2016
Total shareholders’ equity	$	91,390		$	90,645		$	132,683		$	127,342
Less: accrued dividends on preferred shares	(333		)	(333		)	(333		)	(333		)
Total common equity	$	91,057		$	90,312		$	132,350		$	127,009

Exhibit 99.1

Reconciliation of U.S. GAAP Return on Equity to Return on Common Equity ($ in ‘000s)
	Three Month Periods Ended
	March 31, 2018			March 31, 2017
Net income	$	5,529		$	4,852
Average equity	91,018			130,012
Return on equity	24.3		%	14.9		%
Net income	$	5,529		$	4,852
Preferred share dividends accrued	—			—
Net income attributable to common shareholders	$	5,529		$	4,852
Average common equity	90,685			129,679
Return on average common equity	24.4		%	15.0		%

EX-99.2

NASDAQ: AFH 2018 First Quarter Conference Call May 8, 2018

Safe Harbor 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., Corporate Schaumburg, IL Headquarters (Chicago Suburb) 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 Core Target Markets Taxi/Limo/Livery/Paratransit 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,” NASDAQ: AFH At 3/31/2018 At 12/31/2017 “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 Cash and Investments $239.3 million $243.5 million 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 Total Assets $507.5 million $482.5 million 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 Total Atlas industry participants; (vii) attracting and retaining independent agents and brokers; (viii) comprehensive industry Shareholders’ Equity $91.4 million $90.6 million 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 Common Shares the SEC. Many of these issues can affect Atlas’ actual results and could cause the actual results to differ materially Outstanding (includes 11,944,378 12,178,857 from those expressed or implied in any forward looking statements made by, or on behalf of, Atlas. Readers are Restricted Share cautioned that forward looking statements are not guarantees of future performance, and should not place undue reliance Units) 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. Book Value Per When discussing our business operations, we may use certain terms of art which are not defined under U.S. GAAP. Common Share $7.62 $7.42 In the event of any unintentional difference between presentation materials and our GAAP results, investors should Outstanding rely on the financial information in our public filings. May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 2

2018 Q1 Financial and Underwriting Results Premium Underwriting Book Value Results Results Gross Premiums Written decreased 3.0% to $95.6 Combined ratio was 89.3% as compared to 86.9% Atlas’ book value decreased to $7.62 at 3/31/2018 million. Challenged taxi accounts less likely to for the prior year period. from $7.42 at 12/31/2017 absorb rate increases than other segments. 1.4 percentage points of yr/yr loss ratio change Overall premium shifted toward limo / livery / para- attributable to assigned risk business. transit during period Gross Premiums Written Income Before Income Taxes Earnings per Common Share Diluted Book Value per Common Share (in millions) (in millions) $0.50 $0.45 $7.62 $120 $10 $8.00 $7.42 $0.40 $98.5 $0.40 $100 $95.6 $8 $7.5 $6.00 $6.8 $80 $0.30 $6 $60 $4.00 $0.20 $4 $40 $2.00 $2 $0.10 $20 $0 $0 $0.00 $0.00 Q1 2017 Q1 2018 Q1 2017 Q1 2018 Q1 2017 Q1 2018 Q4 2017 Q1 2018 May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 3

Business Mix Analysis Expectations: Limo/Livery and • Average premium per vehicle increased quarter over quarter Para-transit • Continued focus on growing market share in traditional niche and pursuing TNC related business nationwide continue to show • Expanding underlying addressable markets Taxi growth will be flat growth • Consistent claims and underwriting discipline Commercial drivers who migrated to TNCs will pursue commercial insurance Hit ratio for new and renewal business will increase as a • Continue to see positive sights of stability in the segment result of implementation of • Average premium per vehicle is expected to remain flat targeted predictive analytics and Taxi premium down • Accounts reporting fewer vehicles being taken out of service, with modest return competitive dynamic of some drivers • Current livery drivers who were on a taxi policy one year ago remains at approximately 10% May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 4

Atlas Business Mix 2016 Full Year 2017 Full Year Q1 2018 Taxi Limo/Livery Para-transit Taxi Limo/Livery Para-transit Taxi Limo/Livery Para-transit Average Vehicles Average Vehicles Average Vehicles Per Policy Per Policy Per Policy Taxi 2.0 Taxi 2.0 Taxi 2.4 Limo/Livery 1.7 Limo/Livery 2.1 Limo/Livery 1.7 Para-transit 3.1 Para-transit 3.3 Para-transit 3.2 May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 5

Geographic Diversification Gross premiums written by state (in $000) Three Month Periods Ended March 31, 2018 March 31, 2017 New York $ 44,311 46.4% $ 46,538 47.2% Nationwide market share is estimated at approximately California 13,867 14.5% 14,029 14.2% 12% - 13%, with proportionate share forecast at 20% Illinois 7,209 7.5% 10,672 10.8% Nevada 3,141 3.3% 3,747 3.8% New Jersey 2,755 2.9% 2,418 2.5% Virginia 2,211 2.3% 1,847 1.9% Louisiana 1,974 2.1% 1,737 1.8% Texas 1,805 1.9% 1,567 1.6% Minnesota 1,638 1.7% 172 0.2% Washington 1,526 1.6% 1,708 1.7% Other 15,152 15.8% 14,061 14.3% Total $ 95,589 100.0% $ 98,496 100.0% WA: 1.6% WA: 1.7% MN: 1.7% MN: 0.2% TX: 1.6% TX: 1.9% Other: 15.8% LA: 1.8% LA: 2.1% Other: 14.3% VA: 1.9% VA: 2.3% NJ: 2.9% NJ: 2.5% NV: 3.3% NV: 3.8% IL: 7.5% IL: 10.8% CA: 14.5% NY: 47.2% CA: 14.2% NY: 46.4% Limited volume of business in-force in FL to evaluate market conditions May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 6

Commercial Auto Insurance Competitive Landscape Commercial Auto is the Rate increases only large segment “retrenching” as result with rate changes of industry reserve trending up strengthening May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 7

Commercial Auto Insurance Competitive Landscape May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 8

Premiums Written: Rate Activity Pricing Relative to ISO 25 20 15 10 5 0 -5 -10 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Atlas Rate Change (Ave) Average ISO Recommendation (for period) Predictive Model Policy Counts 6/1/2016 - 3/31/2018 10,000 8,000 t n u o 6,000 C y c Policy i l 4,000 o P Quote 2,000 0 0 - 100 101 - 200 201 - 300 301 - 400 401 - 500 501 - 600 601 - 700 701 - 800 801 - 900 901+ Score Group May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 9

Written Premium: In-force At March 31, 2018, in-force premium was $274.6 million and the Company’s gross unearned premium reserves were $156.5 million. Premium In-force (Bars) Unearned Premium Reserves (Line) $300 $250 $200 s n o i l l $150 i M $100 $50 $0 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q ASI Pool Global - 2015 Atlas Combined Unearned Premium Reserves May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 10

Financial Highlights

2018 First Quarter Financial Highlights 2018 First Quarter Financial and Operating Information Quarterly Premiums Affected by Rate Underwriting Book Value / Return on Equity Decisions / Shift in Market Dynamics Performance • Gross Premiums Written generated • Underwriting income for the first • Book value per common share of by the Company for the first quarter quarter of 2018 was $6.0 million, $7.62 (increased $0.20 compared to ended March 31, 2018 decreased by compared to underwriting income of prior year end) 3.0% to $95.6 million $6.3 million in the prior year period • Return on equity was 24.3% in the • In-force premium at March 31, 2018 • Atlas’ underwriting expense ratio(1)(2) first quarter 2018 compared to 14.9% increased 7.4% to $274.6 million, for the quarter ended March 31, 2018 in the prior year period compared to $268.5 million was 27.0% • Underwriting profit always takes • Combined Ratio(1) (“CR”) was 89.3% precedent over top line growth • Net income was $5.5 million or $0.45 • Expected continued market hardening earnings per common share diluted 2018 Financial Expectations ü Relative stability regarding target market (1) Ratios are computed as a percentage of net premiums earned with continued growth (2) Excluding the impact of share-based compensation expenses 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 May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 12

Operating Leverage (Actual through Q1 2018) Controlling leverage through the use of quota share $300 3.13 3.50 2.79 $250 3.00 2.20 2.15 2.08 2.50 Statutory s $200 1.90 1.96 2.62 n 1.75 1.86 1.78 o 1.66 1.68 2.30 2.00 i 1.62 l 1.51 Version l $150 i 1.76 1.83 1.82 1.75 1.50 M 1.58 $215 $227 $229 $230 $209 $100 1.51 1.42 $1718.46 $177 $177 $180 1.32 $151.35 $169 1.37 1.33 1.00 $122 $137 $118 $122 $129 $133 $114 $118 $125 $131 $50 $111 $104 $112 $88 $91 $63 $81 0.50 $0 0.00 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Net Premiums Written Surplus Net Premiums Written Core-Surplus (right axis) Gross Premiums Written Core-Surplus (right axis) $260 3.50 3.03 $240 2.77 3.00 $220 GAAP 2.50 $200 2.54 Version 1.95 s 1.93 1.89 2.29 n $180 1.76 1.76 2.00 o 1.70 1.68 i l 1.57 l 1.53 i $160 1.39 M $227 $229 $230 1.50 1.11 1.21 $2115.62 1.63 1.59 1.41 $209 $140 1.28 1.38 1.38 1.30 1.21 $178 $177 $1717.24 $180 1.00 1.03 1.10 $169 $120 $151 $143 $139 $144 $137 $129 $136 $133 0.50 $100 $122 $119 $122 $127 $111 $107 $111 $114 $91 $91 $80 0.00 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Net Premiums Written GAAP Common Equity Net Premiums Written Core-GAAP Common Equity (right axis) Gross Premiums Written Core-GAAP Common Equity (right axis) May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 13

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 March 31, 2018 March 31, 2017 Loss Ratio: Current accident year 60.7 % 59.9 % Prior accident years 2.0 % 0.6 % Loss Ratio 62.7 % 60.5 % Underwriting Expense Ratio: Acquisition cost ratio 10.7 % 10.5 % Other underwriting expense ratio 16.8 % 16.0 % Deferred policy acquisition costs ratio (0.5)% (0.8)% Underwriting expense ratio before expenses related to stock purchase agreements and share-based compensation expenses 27.0 % 25.7 % Expenses recovered related to stock purchase agreement ratio (0.9)% — % Share-based compensation expense ratio 0.5 % 0.7 % Underwriting expense ratio 26.6 % 26.4 % Total combined ratio 89.3 % 86.9 % Note: 1.4% of yr/yr change in loss ratio attributable to assigned risk business May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 14

Combined Ratio Combined Ratio by Quarter Combined Ratio 250% 140% 200% * 130.3% and 72.9% impact in 120% Q4 2017 & 2016, respectively, 28.0% 150% related to claims 100% reserve strengthening on 24.1% prior accident 100% 80% years 30.3% 29.1% 29.0% 26.6% 50% 60% 94.5% 0% 40% 78.8% Q1 Q2 Q3 Q4* 63.9% 62.3% 59.2% 62.7% 20% 2013 2014 2015 2016 2017 2018 0% (2) Three Month Periods Ended 2013 2014 2015 2016 (1) 2017 2018 YTD March 31, 2018 March 31, 2017 Loss ratio 62.7 % 60.5 % Loss & LAE Ratio Underwriting Expense Ratio Underwriting expense ratio 26.6 % 26.4 % (1) 2016 includes 19.1% impact for the full year related to claims reserves strengthening related to Combined Ratio 89.3% 86.9% prior accident years (2) 2017 includes 35.0% impact for the full year related to claims reserves strengthening related to prior accident years May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 15

Healthy Balance Sheet with Availability of Capital & Reinsurance to Support Growth • Attractive investment leverage, Company has $25 million outstanding of Senior Unsecured Notes at March 31, 2018 ($ in millions) March 31, 2018 December 31, 2017 Cash and Investments $239.3 $243.5 Total Assets $507.5 $482.5 Claims Liabilities (gross of Reinsurance Recoverable) $204.7 $211.6 Unearned Premium Reserves $156.5 $128.0 Atlas Shareholders’ Equity $91.4 $90.6 May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 16

Investment Portfolio Conservative Investment Approach • Emphasize preservation of capital, market liquidity to support Investment Portfolio (3/31/2018) payment of liabilities and diversification of risk • Investment duration re-positioned to match core commercial auto reserve liabilities (4.0 years) Investment Portfolio • As of March 31, 2018, total cash and invested assets were $239.3 million, of which fixed income consisted of 62.4% Other Investments: 16% Government: 17% • Predominantly corporate and government bonds • Average S&P rating of AA • 28.5% AAA Equity Securities: 4% • 81.7% A or better Other Asset Backed: 7% March 31, 2018 December 31, 2017 Amount % of Total Amount % of Total Corporate: 30% AAA/Aaa $ 42,492 28.5% $ 42,978 27.2% AA/Aa 53,499 35.9% 58,173 36.8% A/A 25,879 17.3% 27,384 17.3% Mortgage Backed: 26% BBB/Baa 26,761 17.9% 28,348 18.0% BB 412 0.3% 875 0.6% B 208 0.1% 226 0.1% Other than fixed income securities will be Total Fixed Income Securities $ 149,251 100.0% $ 157,984 100.0% reduced as percentage of overall investments during 2018 May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 17

Detailed Impact of Changes to Book Value per Common Share Book value per common share of $7.62 increased by $0.20 relative to December 31, 2017 as follows: $ 0.44 increase related to net income after tax and before items indicated below; (0.01) decrease related to the change in fair value of equity securities; 0.02 increase related to the change in net realized investment gains after tax; (0.17) decrease related to the change in unrealized gains/losses after tax; (0.09) decrease related to stock repurchases; and 0.01 increase related to share-based compensation $ 0.20 total increase from December 31, 2017 book value per common share May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 18

Operating Conclusions

Incremental Benefit of Predictive Analytics Pricing & Underwriting Predictive Model Premiums Written Key Reasons for Quotes “More” than Model 6/1/2016 - 3/31/2018 • Limit on POS external credit use • Association accounts 70,000 • Underwriting considerations ) s 0 60,000 0 0 ( 50,000 n e t t i 40,000 r W Policy s 30,000 m u i 20,000 Quote m e r 10,000 P 0 0 - 100 101 - 200 201 - 300 301 - 400 401 - 500 501 - 600 601 - 700 701 - 800 801 - 900 901+ Score Group Predictive Model Policy Counts Continued desired bias towards 6/1/2016 - 3/31/2018 better predicted L/R accounts with higher hit ratio on “right” end of 10,000 scale. 8,000 t n u o 6,000 C y c Policy i l 4,000 o P Quote 2,000 0 0 - 100 101 - 200 201 - 300 301 - 400 401 - 500 501 - 600 601 - 700 701 - 800 801 - 900 901+ Score Group May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 20

Incremental Benefit of Predictive Analytics Claim Activity May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 21

Incremental Benefit of Predictive Analytics Claim Activity YTD 2018, 317 older claims which were not scored by predictive model were closed • Aggregate paid was $8.6 mil compared to expected range of $5.4 - $13.3 mil • Remaining count of non-scored claims is 899 Since launching modelling in claims, 6,437 scored claims have been closed • Aggregate case reserve of $54.4 mil • Amount paid on closure (including CWOP) totaled $42.4 mil -- 22% redundancy May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 22

Incremental Benefit of Predictive Analytics Claim Activity Accident Year 2017 and Prior Claim Count • Overall claim pending reduced by more than 30% since year end – Includes new claims presented in Q1 ‘18 as well as re-opens • Scored reserves represent majority of open count Michigan • Pending claim count of 384 as at March 31, 2018 Accident Year 2017 and Prior Loss Reserves • Loss reserves (case plus IBNR) reduced by 15.5% since year end • File review expectation plus modelled case plus physical damage reserves total $71.2 million • Additional IBNR of $63.2 million May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 23

Reiterating 2018 Outlook May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 24

AFH Investor Day Invitation Tuesday, May 22, 2018 Chicago Area 10:15 AM CST* – 1:00 PM CST *Immediately following the Company’s AGM at 10 am Location: Management Discussion on: Atlas Headquarters 953 American Lane, 3rd Floor Claim Activity Update Schaumburg, IL 60173 60007 Technology Initiatives Operational Impacts Distance to O’Hare: 20-25 Minutes Market Conditions Distance to Midway: 60 Minutes Future Initiatives Lunch (Formal Agenda to Follow) For additional information and to register, please contact: Adam Prior at The Equity Group 212-836-9606, aprior@equityny.com

For Additional Information At the Company: Scott Wollney Chief Executive Officer swollney@atlas-fin.com 847-700-8600 NASDAQ: AFH Investor Relations: The Equity Group Inc. Adam Prior Senior Vice President APrior@equityny.com A reconciliation of Non-GAAP financial measures can be found on the next slide 212-836-9606

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 income taxes includes both underwriting income and loss and net investment income, but excludes net realized 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 net claims incurred, policy acquisition costs and general operating expenses. Reconciliation of U.S. GAAP Net Income to Adjusted Operating Income, Before Income Three Month Periods Ended Taxes ($ in ‘000s, except per share data) March 31, 2018 March 31, 2017 Net income $ 5,529 $ 0.45 $ 4,852 $ 0.40 Add: income tax expense 1,283 0.10 2,613 0.21 Add: expenses recovered pursuant to stock purchase agreement (520) (0.04) — — Add: interest expense 455 0.04 268 0.02 Less: loss from change in fair value of equity securities (128) (0.01) — — Less: net realized investment gains 293 0.02 134 0.01 Less: other income 164 0.01 114 0.01 Adjusted operating income, before tax $ 6,418 $ 0.53 $ 7,485 $ 0.61 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: March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2016 Total shareholders’ equity $ 91,390 $ 90,645 $ 132,683 $ 127,342 Less: accrued dividends on preferred shares (333) (333) (333) (333) Total common equity $ 91,057 $ 90,312 $ 132,350 $ 127,009 Reconciliation of U.S. GAAP Return on Equity to Return on Common Equity ($ in ‘000s) Three Month Periods Ended March 31, 2018 March 31, 2017 Net income $ 5,529 $ 4,852 Average equity 91,018 130,012 Return on equity 24.3% 14.9% Net income $ 5,529 $ 4,852 Preferred share dividends accrued — — Net income attributable to common shareholders $ 5,529 $ 4,852 Average common equity 90,685 129,679 Return on average common equity 24.4% 15.0% May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 27

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. 120% Target of 85% based on 100% current market conditions. 80% 60% Current target of 52%. Market conditions continue to show support for mid single digit rate increases (magnitude varies by 40% geography. 20% Note: From Q4 ’15 forward, data is compiled from the newly launched Atlas Xpress (Duck Creek) policy system. The basis for hit ratio 0% 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 7 7 8 8 8 now includes additional submission 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 information (not just commercial auto , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , r r y l t v c r r y l t v c r r y l t v c r n b a p a n u g p c e n b a p a n u g p c e n b a p a n u g p c e n b a Ja e u J u e o Ja e u J u e o Ja e u J u e o Ja e accounts that are quoted) F M A M J A S O N D F M A M J A S O N D F M A M J A S O N D F M Hit Ratio Target Hit Ratio Persistency Target Persistency * For January 2018 persistency, about 250 single vehicle policies were consolidated to 2 policies May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 28

Operating Activities: Underwriting (commercial business only: excludes Global Liberty) New and Renewal Business Submissions Vehicles In-Force (Monthly Vehicles Submitted) 55,000 11,000 50,000 10,000 45,000 9,000 40,000 8,000 35,000 7,000 30,000 6,000 25,000 5,000 20,000 4,000 3,000 15,000 2,000 10,000 1,000 5,000 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Number of Vehicles (incls Expiring) Prior Year Actual Prior Year May 8, 2018 Atlas Financial Holdings, Inc. 2018 First Quarter Conference Call 29