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Bye_Bye Atlantic Mutual

 State: NY

 

Court Approves Order to Bar Claims against Atlantic Mutual

 

The New York Liquidation Bureau gave notice this week that all claims against liquidated Atlantic Mutual Insurance Co. will be barred on Sept. 30, under an order approved by the New York County Supreme Court on July 11.

 

Under the order, interested parties have until Sept. 17 to show cause why claims against the carrier should not be barred after that date.

 

New York regulators placed Atlantic Mutual into rehabilitation in September 2010 and liquidated the carrier in April 2011. The carrier was established in New York in 1842 and became the largest marine and general insurance firm in North America by the 1850s.

 

At the time of the liquidation, New York regulators estimated that Atlantic Mutual had $186 million in outstanding workers' compensation claims, with the largest exposure in California.

 

Source: N.Y. Liquidation Bureau

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