Atlantic Mutual Auto Insurance

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Company Details
Address:

100 Wall Street, 28th Floor

City:
New York
State:
New York
ZIP Code:
10005
Phone Number:
Website:
Year Founded
1842
AM Best Rating:
N/A
Company Rating 0 (0 reviews)

Things to Remember...
  • New York’s Atlantic Mutual Insurance Company is one of the nation’s oldest and most storied mutual companies in history
  • Up until the company’s demise this past spring, it offered a wide range of insurance products at both the commercial and consumer level
  • New York regulators took control of the company in 2011 and placed it in liquidation

Atlantic Mutual Insurance Company was liquidated in 2011.

New York’s Atlantic Mutual Insurance Company is one of the nation’s oldest and most storied mutual companies in history.

The company was founded in 1838 as a joint stock company under the name Atlantic Insurance Company. It became a mutual company in 1842 and took the name we currently know today.

In its early years, the company focused on marine insurance to the extent that it became America’s largest shipping insurer by 1852.

During the Civil War, Atlantic Mutual was the primary insurance carrier for Union shipping companies. At that time it also began keeping comprehensive records of shipwrecks that occurred in U.S. waters.

They eventually became the most trusted source for accurate shipwreck information in the country for both historians and bounty hunters.

Atlantic Mutual’s most famous transaction was its coverage of the RMS Titanic and all of the subsequent claims it paid out as a result of the disaster.

Yet in 2011, despite a run of 173 years of successful business, the company was seized and put into liquidation by a New York court.

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Atlantic Mutual Demise

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Up until the company’s demise this past spring, it offered a wide range of insurance products at both the commercial and consumer level.

Focusing mainly on individuals and businesses with high wealth assets, Atlantic Mutual provided homeowners, auto, life, marine, and general liability insurance, among other things.

Two strategic partnerships help extend the company’s business beyond standard insurance policies.

Its partnership with Centennial enabled Atlantic Mutual to provide reinsurance coverage to other insurance companies.

Its partnership with Countrywide provided opportunities for additional financial services.

Unfortunately, Atlantic Mutual’s workers’ compensation business was its eventual downfall. Workers compensation claims are very tricky to navigate because

Workers compensation claims are very tricky to navigate because state laws vary and awards given to individuals can be fairly high.

By the turn of the 21st century, workers comp claims being paid out by Atlantic Mutual had virtually wiped out all of its policy surplus and put it in danger.

No fewer than 20 other companies in the state of California alone went out of business as they were faced with the same trouble. Atlantic Mutual managed to hang on for another ten years.

With unemployment skyrocketing in the United States over the last couple of years, fraud and abuse in the workers’ compensation system has skyrocketed along with it.

In 2004, Atlantic Mutual ceased its commercial operations and focused solely on personal insurance products. But policies sold under its commercial business years earlier still had to be honored nonetheless.

By 2010, the company had a negative surplus and was teetering on the verge of total collapse.

Finally, New York regulators took control of the company in 2011 and placed it in liquidation.

Atlantic Mutual Locations

In addition to its New York headquarters, Atlantic Mutual had offices in New Jersey, California, and other states.

All of those other offices have since been shuttered as the liquidation process goes on. At the current time, the New York office is still in operation under the direction of the New York Superintendent of Insurance.

Once the liquidation is complete and all proceeds properly distributed, the office will be closed.

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Atlantic Mutual Claims

Atlantic Mutual is still obligated to make good on all claims made prior to the liquidation. However, things are now under the jurisdiction of the state out of the hands of Atlantic Mutual officials.

Consumers who believe they have a legitimate claim to file, or have already filed one, can keep track of the liquidation process by contacting the New York Superintendent of Insurance.

Due to the scope of Atlantic Mutual’s business, and the millions of customers the company covered, the entire process could potentially take years.

Atlantic Mutual Customer Service

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It is unfortunate that Atlantic Mutual was undone by the abusive workers compensation system that exists all across the United States.

This is a company that had a stellar reputation among businesses and consumers for nearly 170 years.

For most of its history, it treated its customers well, paid out fairly on claims, and provided overall good service to everyone the company insured.

Atlantic Mutual was an insurance company in the same vein as Lloyd’s of London.

Its name will go down in history as one of the greatest property and casualty companies in the business.

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