EXHIBIT 14

















Atlas Financial Holdings, Inc.


Code of Business Conduct & Ethics











1.    INTRODUCTION





Our goal at Atlas Financial Holdings Inc. is to achieve the highest business and personal ethical standards as well as to comply with all laws and regulations that apply to our business. Adherence to the standards contained in this Code will help to ensure decisions that reflect care for all of our stakeholders. This Code of Business Conduct and Ethics (the "Code") is intended as an overview of the Company's guiding principles and not as a restatement of Company policies and procedures.





Ethical business behavior is the responsibility of every member of the Company’s team and is reflected not only in our relations with each other but also with our policyholders, other organizations, suppliers, competitors, government and the public. Whatever the area of activity and whatever the degree of responsibility, the Company expects each employee to act in a manner that will enhance its reputation for honesty, integrity and the faithful performance of its undertakings and obligations.





This Code cannot and is not intended to cover every applicable law or provide answers to all questions that might arise; for that we must ultimately rely on each person's good sense of what is right, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct. Because our business depends upon the reputation of the Company and its directors, officers and employees for integrity and principled business conduct, in many instances this Code goes beyond the requirements of the law.





Employees should refer to policies contained in the HR Manual/Employee Handbook (hereinafter, the "Employee Manual"), for a description of the policies and required reporting procedures applicable to them. This Code is a statement of goals and expectations for individual and business conduct. It is not intended to and does not in any way constitute an employment contract or assurance of continued employment, and does not create any rights in any employee, client, supplier, competitor, shareholder or any other person or entity.





2.    WHO IS COVERED





This Code applies to all officers and employees of Atlas Financial Holdings, Inc. This Code also applies to all outside directors with respect to their Atlas related activities.  Any reference in this Code to “Atlas” refers to Atlas Financial Holdings, Inc.  Any reference to “employees” refers to directors, officers and employees of Atlas Financial Holdings, Inc.





3.    DIRECTOR, OFFICER AND EMPLOYEE OBLIGATIONS





It is the obligation of each and every director, officer and employee of Atlas to become familiar and comply with the policies and procedures of the Company and  integrate




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them  into  every  aspect  of  our  business.    All  employees  are expected to observe all applicable laws and adhere to the highest ethical standards in all matters dealing with the Company.





4.    CONFLICTS OF INTEREST





Directors, officers and employees of Atlas have a duty of loyalty to the Company, and must therefore avoid any actual, perceived or potential conflict of interest with the Company. A conflict situation can arise when a director, officer or employee takes actions or has interests that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest also arise when a director, officer or employee, or a member of his or her family i.e. spouse, common-law spouse, child, stepchild, sibling, parent, sister or brother-in-law, grandparent, grandchild, or any variation of such relationships, receives improper personal benefits as a result of his or her position in the Company.





In exercising our responsibilities, it is vital that we be guided by what is in the best interests of the Company and those clients with whom we have business relationships. All of our employees are required to conduct their personal and business affairs in such a way so as to avoid conflicts with the interests of the Company, its shareholders, brokers, policyholders and its customers.





It is each employee’s responsibility to ensure that his or her personal conduct complies with the following principles and to make appropriate disclosures when actual or potential conflicts may arise.   Although the principles below are discussed in terms of the employees of the Company, each of us must also exercise care to avoid actual, perceived or potential conflicts of interest which might arise because of the activities of our family members or other members of our household.





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|1. | Employees  may  not  use  their  affiliation  with  the  Company  for  personal benefit.




Examples of such prohibited activities include:





Employees receiving remuneration, gifts, entertainment or other compensation of a material nature from any entity performing work or services for the Company or from any entity which is seeking to do business with the Company. Gifts or favors that are generally considered as common business or social courtesies are acceptable only as long as they are reasonable and customary in type, frequency and value such as a luncheon or dinner.





Employees having a financial interest in an entity that sells goods or services to the Company where the employee is able to influence the Company’s business transactions with that entity.




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Employees using, for their  own  personal gain  or  for  the  benefit  of others, any confidential or “inside” information obtained as a result of their employment with the Company.





Employees misappropriating to themselves or to others the benefit of any business venture or opportunity about which the employees learn or develop in the course of their employment and which is related to a current or prospective business of the Company.





2.     Employees may not be employed by or affiliated with a competitor.





Serving as a director, officer, employee, partner, consultant, agent of, or having a significant ownership interest in, an organization, which competes with any function within the Company, violates your duty of loyalty to the Company and is prohibited.





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|3. | Directors, officers and employees have a responsibility to disclose actual, perceived or potential conflicts or any activity that appears to be in conflict with policy or procedure.




Determining whether you have a conflict and, if so, what to do about it can be difficult and no set of guidelines or statement of principles, however comprehensive and detailed, can hope to cover all situations or address every question of judgment. Employees are, therefore, required to disclose all actual, perceived or potential conflicts. If you have any doubt about your disclosure obligations  in  a  particular  situation,  the  best  course  is  to  consult  with  your Manager or Supervisor or the senior executive of the Company or subsidiary. The Chief Executive Officer and members of the Board of Directors must report any such circumstances to the Audit Committee.





5.    USE OF INFORMATION





The insurance business, like other service industries, is based on the collection, organization, evaluation and preservation of information about individuals, organizations and the world at large. To provide the highest quality services to our policyholders and customers, we must be efficient in gathering and storing information, be thorough in our analysis of information collected, and be creative in generating new information. Our ability to remain competitive requires both our willingness and alertness to share information within our organization and our awareness that certain types of information must be protected from disclosure. It is especially important to maintain our reputation by safeguarding information entrusted to us by our policyholders, customers and fellow employees; it is also a legal requirement in many cases. Please refer to Atlas’s Privacy Policy.





As an employer, the Company maintains personnel records for every employee.




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Access  to  this  information  is  limited  within  the  Company,  and  is  generally released to those outside of the Company only if required by law. Preserving the confidentiality of such information is necessary for creation of a productive and comfortable work environment.





6.    CONFIDENTIALITY OF INFORMATION





Our policyholders and customers provide us with confidential and/or personal information about themselves, their families and their business operations (where applicable). The Company will only collect and maintain information for legal and business reasons. This means that only those employees and outside governmental authorities and regulators with legitimate reasons to know should have access to such information.





Employees must adhere to applicable laws for maintaining, updating, disclosing and verifying such confidential information. Employees are also expected to comply with departmental policies and procedures relating to the retention and orderly destruction of records and documents (Refer to the Records Retention Section in this document).





All   employees   must   be   aware   of   the   consequences   of   intentionally   or inadvertently revealing such information and recognize that the use of confidential information obtained in the course of our employment for any personal benefit is strictly forbidden. Specific areas in which preventing disclosure or use of confidential information are  especially  important  include  personal  medical records, financial data for a business entity, and claims investigative, litigation and settlement information.





7.    CONFIDENTIALITY OF INTELLECTUAL PROPERTY





Confidential business information and practices can be defined as information used in trade or business which gives the owner a competitive advantage and which is not generally known to the public. If the owner fails to adequately protect the information or matter, it may lose its confidential status. Such business information and practices could include software code, customer lists or a new invention that is yet to be patented.





Sometimes you may encounter such business information and/or practices in the course of evaluating a service provided to, or a service or product received from a policyholder, customer or vendor. You may be responsible for the loss of such information and/or practice if you reveal it to others, even fellow Company employees, who do not need to know this proprietary information. Both the Company and the employee may be held liable for financial losses to the owner of the business information or practice.





At times you may develop confidential business information and/or practices in the course of your employment. This information is the property of the Company.




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Confidential  business  information  and  practices  of  the  Company  must  be identified as such when revealed to outside parties so the recipient is aware he or she should not pass them on further. Before the release of proprietary information to a third party the appropriate confidentiality and non-disclosure agreements should be in place.





If confidential business information and practices are revealed to you during the course of your employment with the Company, you must protect the information even after you stop working for the Company. The Company will take whatever steps it deems appropriate, including legal action, to protect such business information  and  practices  from  unauthorized  disclosure  or  use  by  current  or former employees.





8.    CORPORATE OPPORTUNITIES





No director, officer or employee may: (a) take for himself or herself personally opportunities that are discovered through the use of Company property, information or position; (b) use Company property, information or position for personal gain; or (c) compete with the Company. Directors, officers and employees owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises.





9.    USE OF INSIDE INFORMATION (INSIDER TRADING)





It is the Company's goal to protect shareholder investments through strict enforcement of the prohibition against insider trading set forth in provincial (OSC), state (NYSE) or federal (SEC) securities laws and regulations. No director, officer or employee may buy or sell securities of Atlas at a time when in possession of "material non-public information. Passing such information to someone who may buy or sell securities is also prohibited. The prohibition on insider trading applies to Atlas’s securities and to securities of other companies if the director, officer or employee learns of material non-public information about those other companies in the course of his or her duties for Atlas. This prohibition also extends to certain non-employees who may learn about the "material non-public information" about the Company such as spouses, relatives, and close friends of directors, officers or employees. Insider trading is both unethical and illegal and will be dealt with firmly. If you have any questions in connection with whether or not a trade in the company shares is permitted at any particular time, please contact the Audit


Committee.





10.    FAIR DEALING





Each director, officer and employee shall endeavor to deal fairly and in good faith with Atlas customers, shareholders, employees, suppliers, regulators, business partners, competitors and others. No director, officer or employee shall take unfair advantage of anyone through manipulation, concealment, abuse of privileged or confidential  information,  misrepresentation,  fraudulent  behavior  or  any  other unfair dealing practice.




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11.    ANTI-RETALIATION





Atlas prohibits any retaliation against an employee who makes a good-faith report of perceived violations of this Code or the law or anyone who assists in a Company investigation.





If you believe that you have been subjected to any form of retaliation you should report the matter through one of the channels described in this policy.  However, any person making a report in bad faith will be subject to disciplinary action up to and including discharge.





12.    PROTECTION AND USE OF COMPANY ASSETS





Company assets, such as information, materials, supplies, time, intellectual property, software, hardware, and facilities, among other property, are valuable resources  owned,  licensed,  or  otherwise  belonging  to  the  Company. Safeguarding Company assets is the responsibility of all directors, officers and employees. All Company assets should be used for legitimate business purposes. The personal use of Company assets without permission is prohibited.





Employees are expected to use Company equipment and materials (e.g. telephones, computers, software and photocopiers) for Company business only. All Company equipment and materials are dedicated for business use only and the Company reserves the right to monitor and investigate usage of Company equipment and materials at its discretion.





Employees should not use Company resources for personal benefit or to benefit persons or entities outside the Company. In certain circumstances, the Company may approve of the use of particular corporate resources for charitable or community purposes.


Employees must maintain accurate records and abide by corporate policies concerning reimbursable expenses, and eligibility for all Company benefits, including sick leave, education and disability payments.











13.    OFFERING OF GIFTS





Employees may not make payments or give gifts (other than gifts of nominal value that are generally considered as common business or social courtesies such as lunches, dinners, attendance at sporting events) to government workers or outside suppliers in order to influence regulatory or business decisions. The Company has established internal control procedures to ensure that assets are protected and properly used, and that financial records and reports are accurate and reliable. Employees and supervisors share the responsibility for maintaining and complying




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with required internal controls.





The Company’s success relies upon the integrity of all of its employees. The Company has instituted a comprehensive set of procedures, rules and controls to prevent fraud and dishonesty and it will take all action necessary and appropriate to enforce these policies and procedures.





14.    ACCOUNTING PRACTICES





It is the policy of Atlas to fully and fairly disclose the financial condition of the Company in compliance with applicable accounting principles, laws, rules and regulations. All books and records of Atlas shall be administered in such a way, as to fully and fairly reflect all Company transactions.





15.    RECORDS RETENTION





Officers and employees are expected to become familiar with the Company's policies regarding records retention applicable to them and to strictly adhere to those procedures. Records may not be destroyed except in accordance with the applicable records retention policy. If you have any questions in this regard, do not hesitate to contact your supervisor.





16.    COMPLIANCE WITH LAWS, RULES & REGULATIONS





As an insurance provider, the Company is subject to a myriad of laws and regulations on how we must conduct our business. Many of these laws are designed to protect consumers in situations where it is perceived that a business because of size, resources or expertise is able to unfairly control or influence customer decisions. It is critically important that both the Company and its employees  comply  with  the  letter  and  spirit  of  the  laws,  which  regulate  the conduct of our business.





All aspects of Company business are impacted by compliance requirements for example, sales, underwriting, claims, human resources, actuarial, accounting and financial reporting, financial services, investments, and governmental relations. Employees must be aware of the applications of the laws that affect the performance of their jobs and must carry out their job responsibilities in a manner that ensures that the Company is in compliance with external statutory, regulatory and industry requirements.





Atlas takes a proactive stance on compliance with all applicable laws, rules, and regulations, including insider trading laws and applicable anti-trust laws. In addition, the Company requires that its directors, officers and employees comply with the policies set out from time to time in the Employee Manual.





17.    COMMUNICATING WITH REGULATORS AND OTHERS




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In the event that an inquiry from a regulator is received the employee must contact the Atlas Audit Committee.   All requests from regulators should be responded  to  in  a  candid,  accurate  manner.    Employees  must  not  conceal, destroy or alter any documents or information.   If an Atlas employee is served with a subpoena they must notify the Atlas Audit Committee immediately by telephone.





18.    DUTY TO REPORT AND CONSEQUENCE





Every  director,  officer  and  employee  has  a  duty  to  adhere  to  this  Code  of Business Conduct and Ethics and all existing Company policies and to report to the Company any suspected violations in accordance with applicable procedures.





Employees shall report suspected violations of Company policies by following the reporting procedures for that specific policy as identified in the Employee Manual. All other suspected violations of the Code must be reported to the designated Compliance or Privacy Officer.  The Company will investigate any matter so reported and take appropriate disciplinary and corrective action, up to and including prosecution and termination of employment. The Company forbids retaliation against employees who report violations of this Code of Business Conduct and Ethics in good faith.





19.    SCOPE





This Code does not supersede, change or alter the existing Company policies and procedures already in place as stated in the Employee Manual and communicated to Company employees. Certain policies referred to herein are contained in their entirety in the Employee Manual, and Company employees are instructed  to  refer  to  this  manual  for  a  copy  of  those  policies  and  required reporting procedures.





No Company policy can provide definitive answers to all questions. If employees have questions regarding any of the goals, or standards discussed or policies referenced in this Code or are in doubt about the best course of action in a particular situation, the employee should refer to the reporting requirements for that particular goal or standard as stated in the Code, or the reporting requirements for policies as stated in the Employee Manual and contact the person or party designated.





Employees must promptly report any violation of the Code to their Manager or


Corporate Compliance/Privacy Officer.





20.    CONTACT US





Requests for further information should be referred to the Atlas Audit Committee:













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Jordan Kupinsky


Atlas Audit Committee Chairman c/o JJR Capital Corporation


5 Hazelton Avenue, Suite 300


Toronto, ON M5R 2E1





Telephone# (416) 972-6574