9.3.24 - American Transit Insurance Co. posts over $700 million loss Insurer responsible for more than 60% of city’s taxi industry
Run by Ralph Bisceglia, ATIC has for decades been the dominant player in New York City’s commercial car insurance market, the largest in the country, offering cabbies premiums far lower than other insurers. In the second quarter, it posted more than $700 million in net losses, according to a filing with the National Association of Insurance Commissioners.
“To see this kind of loss of this size — there are few precedents,” said Tim Zawacki, a senior analyst at S&P Global Market Intelligence, who has covered the insurance industry for 25 years. “If this company is going to be unable to continue business, there’s going to be significant fallout in terms of who is going to insure all of these drivers.”