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The Atlantic Mutual Car Insurance Company used to offer the following policies, before it was liquidated on 04/27/2011:
- Marine insurance
- Personal insurance
- casualty insurance
- commercial property insurance
Atlantic Mutual was just one of the Atlantic Mutual Companies, along with the Centennial Insurance Company. The corporate office of Atlantic Mutual was headquartered at 140 Broadway, within walking distance of 1 World Trade Center, the future site of The Freedom Tower.
Founded in 1838 under the name Atlantic Insurance, the company started as a joint-stock venture until 1842, where it changed over to a mutual company. Walter Jones was the first chairman for Atlantic, and his family ended up running the company for multiple decades.
Right around 1850, Atlantic Mutual was not only the largest general insurance company in the continental US, but the only marine insurance provider for the state of New York. Naturally, it made significant profits during that decade and became one of the most important insurance providers for the union army during the Civil War.
Atlantic Mutual Auto Insurance History
Atlantic Mutual Auto Insurance built and headquartered their main office at 45 Wall Street back in the late 1950’s and stayed there for over 20 years until the construction of the World Trade Center gave them an opportunity to move their main office.
Back in the early 90’s, a change in the tax code law landed Atlantic Mutual in court. Because the Tax Reform Act of 1986 augmented the way in which insurance companies could deduct certain funds allocated towards their financial reserves, the IRS took Atlantic Mutual all the way to the Supreme Court. The IRS was accusing Atlantic Mutual of beefing up their financial reserves without forking out taxes on them; Atlantic Mutual countered by insisting that their accounting practices were legally valid. The Supreme Court sided with the IRS, however, and Atlantic Mutual lost the case.
Back in 2001, Atlantic Mutual was not only headquartered downtown but also a major insurer of multiple buildings in the immediate area. Regrettably, the company suffered significant financial losses due to the September 11th attacks
Regrettably, their financial woes were far from over. In the year 2010, insurance regulators for New York State took away the insurance licenses for Atlantic Mutual due to a negative surplus. And then in April of 2011, the company had to be placed into liquidation after a bombardment of workers’ compensation claims. The Atlantic Mutual Companies were licensed to sell insurance in all 50 states via Independent agents and brokers. They had a Demotech rating of “Exceptional” (A) for their financial assets.
Policies Offered
Despite those confusingies, the Atlantic Mutual Companies were pleased to offer their customers the following insurance policies:
- auto insurance
- watercraft insurance
- personal umbrella insurance
- homeowners coverage
- renters insurance
- condo insurance
- fire insurance
- valuables insurance
They also offered a premium package called the “Atlantic Master Plan”. The Master Plan package bundled multiple different coverages all into one policy so that you could cover your car, your condo, your boat, or any other policies you might needed under one easy to handle policy.
AMIC Liquidation
According to NY Liquidation Bureau, the Atlantic Mutual Insurance Company (“AMIC”) was placed into liquidation and the New York Superintendent of Insurance was appointed as Liquidator on April 27, 2011, by order of the Supreme Court of the State of New York.
Termination of Policies
Date of Liquidation: 04/27/2011. All AMIC policies were terminated on 06/11/2011.
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