Buckle Agency LLC entered a non-binding letter of intent to acquire Gateway Insurance Company from Atlas Financial Holdings, Inc. (NasdaqCM:AFH) for $4.7 million on January 22, 2020. As part of the transaction, Buckle Agency will acquire Gateway Insurance's corporate charter and forty-seven state insurance licenses as well as state statutory deposits. Total consideration consists of $4.7 million plus the value of all purchased deposits. The amount of $4.20001 million, representing a portion of the purchase price, will be paid to rehabilitator for the benefit of the consolidated estates of the ASI Pool Companies at closing by Buckle. In addition, $0.5 million will be escrowed and released as additional purchase price depending on how many insurance licenses of Gateway are in full force and effect without restriction following the closing. Atlas claims team currently working for the rehabilitation estates of the ASI Pool Companies will join Buckle Agency. The transaction is subject to regulatory, court, negotiation of definitive agreements and other necessary approvals and is expected to close in March 2020. As of March 31, 2020, the transaction is expected to close in April 2020. Buckle Agency LLC completed the acquisition of Gateway Insurance Company from Atlas Financial Holdings, Inc. (NasdaqCM:AFH) on June 16, 2020. Bryan Cave Leighton Paisner LLP acted as legal advisor to Buckle Agency LLC. Oscar Pinkas of Greenberg Traurig, LLP was the lead on the acquisition.