On a pro-forma basis, book value per common share based on
“We expect this capital raise to allow Atlas to continue to take advantage of the increasingly favorable insurance market conditions we’ve identified in our specialty niche and are pleased to have completed the offering at this time,” commented
As previously communicated, Atlas' first quarter 2014 net income, adjusted pro-forma to exclude certain non-recurring expenses, resulted in an annualized return on common equity as follows:
|(Amounts in |
|Net income attributable to Atlas|
|Less: Preferred share dividends||23|
|Net income attributable to common shareholders||2,169|
|Add: Management incentive compensation (amount in excess of accrual)||500|
|Adjusted net income attributable to common shareholders|
Average common equity at |
|Annualized return on common equity (pro-forma)||16.8%|
|Average common equity pro-forma after capital raise|
|Annualized return on common equity pro-forma after capital raise||14.1%|
Sandler O’Neill + Partners, L.P. acted as the book-running manager for the offering.
The primary business of Atlas is commercial automobile insurance in
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 Company and its subsidiaries, 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 registration statement on Form S-3 and the
prospectus supplement. 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.