Atlantic Mutual Insurance Company

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The Atlantic Mutual Insurance Company is an insurance company that offers mutual, marine and commercial real estate, property and casualty insurance. The company is part of the Atlantic Mutuals, which includes Centennial Insurance Company. The company's headquarters are on Broadway , one block on the site of the former World Trade Center .

history

The company was founded in 1838 as "Atlantic Insurance Company". Originally a public company, became a mutual company in 1842. The first chairman was Walter Restored Jones , a member of a prominent upper-class family of lawyers in New York City . The Jones family ran the company for decades. In the 1850s, Atlantic Mutual was the largest marine and general insurance company in North America and the only marine insurance company in New York State.

The company made extraordinarily high profits during the 1850s. In 1852 the company became famous as the best source of information on maritime disasters in the North Atlantic. Atlantic Mutual was the primary insurer for most Union ships during the Civil War .

In 1874, President John Divine Jones of the Atlantic Mutual Insurance Company provided the money that laid the enduring foundation of New York Historical Society.

Atlantic Mutual built the existing building at 45 Wall Street in 1959 and served as the company's headquarters until the mid-1970s. The building, which had been free for more than 20 years and was in poor condition, was sold in 1996 and the offices were converted into apartments. Atlantic Mutual was involved in a significant tax law case that reached the US Supreme Court in the 1990s. The 1986 Tax Reform Act changed the formula under which insurance companies could withdraw supplements to their financial reserves. The Internal Revenue Service (IRS) ruled that Atlantic Mutual had strengthened its reserves, but the company countered that it was only looking for a mathematical change. In a unanimous decision, the Supreme Court of the IRS upheld the interpretation of the law.

After the World Trade Center was built, Atlantic Mutual moved its headquarters from 45 Wall Street to 140 Broadway. The company was one of many that owned insured buildings in and around the World Trade Center. The company suffered significant losses from the September 11, 2001 terrorist attacks .

In 2010, the New York State Insurance Authority revoked Atlantic Mutual's insurance licenses because of a negative surplus . On April 27, 2011, Atlantic Mutual put into liquidation after the company was inundated with workers' accident insurance claims. But it looks as if the creditors could be serviced from the estate, which also includes the insurance papers of the " Titanic " ship.