Atlas provides update regarding sale of additional legacy assets to Buckle
Atlas Financial announced the execution of a Stock Purchase Agreement relating to certain legacy insurance company assets. This transaction is consistent with Atlas’s shift to a managing general agency (“MGA”) based strategy leveraging its technology, analytics and expertise in niche commercial auto insurance segments.
Following the company’s transition in 2019, Atlas has continued to cultivate its MGA operation through partnerships with external insurance and reinsurance partners. This allows the company to leverage its “focus, experience and infrastructure” to create value for stakeholders. Atlas is also pursuing additional arrangements with the objective of establishing MGA relationships in connection with the company’s other lines of business as well.
“We recently announced the closing of the sale of Gateway Insurance Company to Buckle, a technology-driven financial services company, along with a MGA program focusing on taxi, livery, limousine and full-time transportation network company drivers. Buckle has become a very valuable partner in connection with Atlas’ MGA focused strategy. Our Teams have been working closely on a number of fronts and we look forward to continuing to expand this relationship. The collective focus both Atlas and Buckle have on the transportation network company, or TNC, sector is complementary. We are excited to continue to collaborate to deliver specialty products to this evolving segment in the gig-economy.” – Scott D. Wollney, Atlas’ President & CEO.