Atlas Financial Holdings, Inc. today announced that the previously disclosed sale of the stock, charter and state licenses of Atlas’ indirect subsidiaries American Service Insurance Company, Inc. and American Country Insurance Company.
The deal aimed to Buckle, an inclusive tech-enabled financial services company, was concluded successfully with the necessary regulatory and court approvals.
Transaction Details and Background
The transaction closed effective May 25, 2021. The amount of $3,000,000, representing a portion of the purchase price, was paid to the statutory liquidator of the Indirect Subsidiaries at closing by Buckle.
A holdback amount will be paid by Buckle to the statutory liquidator within five (5) business days following the date that is six (6) months following the closing date, which will be calculated based on the status of licenses that may change following closing.