Atlas Financial Holdings Inc. will not be able to submit its annual report on Form 10-K for full year 2018 on time because the company and its auditor still need to finish their year-end audit process.

In its earnings release, President and CEO Scott Wollney said results for the fourth quarter of 2018 were significantly impacted by a sharp increase in the company's claim reserve estimates. Atlas also said it is in talks with industry experts to help strengthen its processes and review of its capital allocation strategy.

The company's shares lost more than half their value the day after that announcement.