Thursday, July 29, 2010

Cancel for July 29: Atlantic Mutual Insurance

JUL  29  1901
Founded in New York as the Atlantic Insurance Company in 1838, the company would become a "mutual" insurance firm in 1842.  By the 1850s the company was the largest marine and general insurance firm in North America. 
The company was the only marine insurer in New York for generations, and consequently is associated with some very famous shipwrecks, including:

  • Titanic - Atlantic sold the policy for most of the ship's coverage.
  • Mary Celeste - this brigantine is famous for having been found adrift in the Atlantic with no crew and no explanation for her abandonment. 
  • SS Central America - this sidewheeler was loaded with gold from California when it sank in a hurricane.  The wreck was found in 1987 by the Columbus-American Discovery Group.  Atlantic and a group of other insurance companies sued for claim to the wreck.  Atlantic lost the case and Columbus-American was awarded 92% of the find.

Today the firm is located at 100 Wall Street and specializes in personal property/casualty insurance for wealthy individuals with high-value assets to protect.
Screen capture from current Atlantic Companies site that you can find here.

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