Atlas Financial Holdings, the US-based commercial insurance holding company, has posted a fall in its net income for 2015 to $14.2 million, compared with $17.6 million in the previous year.
This loss occurred despite an increase in the firm’s net premiums earned, net investment income and net investment gains.
Atlas’s total revenue also increased to $156.9 million last year, compared with $101.6 million in 2014.
The firm did experience an increase in acquisition costs in 2015 however, up to $18.6 million, compared with $14 million in 2014. Other underwriting expenses also increased to $23.3 million last year, compared to $13.9 million in the previous year.
Cash and cash equivalents were also down to $22.4 million in 2015, compared to $36.6 million in 2014.
Atlas’s full-year results were boosted by a successful fourth quarter however, with gross written premiums up 98.9 percent to $52.4 million, an increased after-tax income, and a combined ratio improvement of 0.2 percent, compared with Q4 2014.
Scott Wollney, Atlas’ president and chief executive officer, said: “We are pleased with our strong financial results for the quarter and year-end, driven by solid underwriting gains and continued growth in our specialty core light commercial vehicle business, especially in light of the challenges faced by the broader commercial auto insurance industry.
“Gross written premiums in our core commercial auto business for the quarter doubled as a result of the successful acquisition of Global Liberty, coupled with strong organic growth. Throughout 2015, we continued to gain share and improve operating efficiency as we expanded vertically across our nationwide distribution channel.”
He added: “We achieved a strong underwriting result and combined ratio for both the quarter and the year, and produced return on equity (ROE) in excess of the property and casualty industry.”