> | New York City’s leading livery insurer – American Transit Insurance Corporation – was recently found to be insolvent by more than $769mn |
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> | Unique issues in the NYC livery market, such as no-fault fraud, high insurance limit requirements, and prior-approval rate changes, have made it a difficult market |
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> | Loss picks and IBNR reserves have increased in the past several years, suggesting increased conservatism |
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> | While no other companies are at the level of insolvency that ATIC is at, there are still notable (if unrelated) problems facing the broader market |
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