Atlas Financial Holdings Announces Letter of Intent for Sale of Gateway Insurance Company to Ride-Sharing Insurance Provider Buckle; Continues Strategic Transition Towards MGA Model
ATLAS FINANCIAL HOLDINGS (AFH)
Last atlas financial holdings earnings: 3/4 04:06 pm
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Source: Business Wire
CHICAGO--(BUSINESS WIRE)--Atlas Financial Holdings, Inc. (NASDAQ: AFH) (“Atlas” or the “Company”) today announced a non-binding letter of intent with Buckle, a technology-driven financial services company, to purchase the stock of Atlas’ indirect subsidiary Gateway Insurance Company (“Gateway”) and Gateway’s corporate charter and state licenses from its statutory rehabilitator (“Rehabilitator”) in a collaborative transaction described further below, as an important next step in Atlas’ strategic plan. Buckle’s core business focuses on part-time transportation network company (“TNC”) drivers and is complimentary to Atlas’ focus on full-time drivers in the Livery, Paratransit, Taxi and TNC segments.As previously announced, Atlas’ strategic focus includes transitioning business previously written on its wholly owned insurance subsidiaries, which are currently in rehabilitation, to alternative markets through the Company’s wholly owned managing general agency (“MGA”), Anchor Group Mana
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