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New York City's Biggest Taxi Insurer Is Insolvent, Risking Transit Meltdown

In an unassuming white and blue office building in Freeport, a few miles into Nassau County, sits the headquarters of American Transit Insurance Co. The

The insurer’s losses grew so large that they have crossed a threshold known as a “mandatory control level event,” according to a Dec. 31 report by Huggins Actuarial Services, a consultant hired by ATIC. DFS told Bloomberg it has been “working with the company and other stakeholders to address these longstanding financial issues, and protect drivers, passengers and the stability of the New York livery insurance market.” The company’s latest financial filing paints a picture so dire that it’s “creating unrest in the industry,” said Daus, who founded Windels Marx’s Transportation Practice Group.

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