The Atlantic Mutual Insurance Company was a mutual

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

company which offers personal,

marine Marine is an adjective meaning of or pertaining to the sea or ocean. Marine or marines may refer to: Ocean * Maritime (disambiguation) * Marine art * Marine biology * Marine debris * Marine habitats * Marine life * Marine pollution Military * ...

, commercial property, and

casualty insurance Casualty insurance is a defined term which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance. Casualty insurance is mainly liability coverage of an individual or organization for ne ...

.Atlantic Mutual Companies, ''Meeting the Challenges of Our Time: 2001 Annual Report,'' 2001. It is part of the Atlantic Mutual Companies, which includes Centennial Insurance Company. Its corporate headquarters are at

140 Broadway 140 Broadway (formerly known as the Marine Midland Building or the HSBC Bank Building) is a 51-story International Style (architecture), International Style office building on the east side of Broadway (Manhattan), Broadway between Cedar and Li ...

, a block from the

World Trade Center World Trade Centers are sites recognized by the World Trade Centers Association. World Trade Center may refer to: Buildings * List of World Trade Centers * World Trade Center (2001–present), a building complex that includes five skyscrapers, a ...

History

The company was founded in 1838 as the Atlantic Insurance Company. Originally a joint-stock company,Weil, ''A History of New York,'' 2004. it became a

mutual company A mutual organization, or mutual society is an organization (which is often, but not always, a company or business) based on the principle of mutuality and governed by private law. Unlike a true cooperative, members usually do not contribute to ...

on April 11, 1842.Jaher, ''The Urban Establishment: Upper Strata in Boston, New York, Charleston, Chicago, and Los Angeles,'' 1982. Its first chairman was Walter Restored Jones, a member of a prominent upper-class family of attorneys in New York City. The Jones family ran the company for decades. By the 1850s, Atlantic Mutual was the largest marine and general insurance firm in North America and the only marine insurance firm in New York state. During the 1850s, it made exceedingly high profits. In 1852, the company began keeping a clipping service of newspaper accounts of shipwrecks and sinkings known as ''Vessel Disasters'', a work which became famous as the best source of information on maritime disasters in the North Atlantic. During the

Civil War A civil war or intrastate war is a war between organized groups within the same state (or country). The aim of one side may be to take control of the country or a region, to achieve independence for a region, or to change government policies ...

, Atlantic Mutual was the primary insurer of most Union shipping. In 1874, Atlantic Mutual President John Divine Jones provided the money which established the permanent

foundation Foundation may refer to: * Foundation (nonprofit), a type of charitable organization ** Foundation (United States law), a type of charitable organization in the U.S. ** Private foundation, a charitable organization that, while serving a good cause ...

of the

New York Historical Society The New-York Historical Society is an American history museum and library in New York City, along Central Park West between 76th and 77th Streets, on the Upper West Side of Manhattan. The society was founded in 1804 as New York's first museum. ...

. William H. H. Moore served as president from 1895 to 1897, when he was succeeded by Anton A. Raven. In 1915, after sixty-three years with the company, Anton A. Raven retired as president and was succeeded by Cornelius Eldert, formerly vice president. Eldert served as president until his death in 1930. Following Eldert's death in 1930, Walter Wood Parsons was elected to the presidency in February 1930. In 1934, William D. Winter was elected president to succeed Parsons. In 1946, J. Arthur Bogardus was elected president with Winter, becoming chairman of the board. Upon Franklin B. Tuttle's elevation to the presidency in February 1951, Bogardus became chairman. Upon Bogardus' retirement in 1953, Tuttle was elevated to board chairman and Miles F. York became the new president of the Atlantic Mutual and Centennial Insurance Companies. York retired as chairman of the board in 1969. Atlantic Mutual built the existing building at 45 Wall Street in 1959, which served as the company's headquarters until the mid-1970s.Bagli, "45 Wall St. Is Renting Again Where Tower Deal Failed," ''New York Times,'' February 8, 2003. Vacant and deteriorating for more than 20 years, it was sold in 1996 and converted to apartments. Atlantic Mutual was involved in a significant tax law case which reached the

U.S. Supreme Court The Supreme Court of the United States (SCOTUS) is the highest court in the federal judiciary of the United States. It has ultimate appellate jurisdiction over all U.S. federal court cases, and over state court cases that involve a point o ...

in the 1990s. The

Tax Reform Act of 1986 The Tax Reform Act of 1986 (TRA) was passed by the 99th United States Congress and signed into law by President Ronald Reagan on October 22, 1986. The Tax Reform Act of 1986 was the top domestic priority of President Reagan's second term. The a ...

altered the formula under which insurance companies could deduct additions to their financial reserves. The

Internal Revenue Service The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory ta ...

(IRS) determined that Atlantic Mutual had strengthened its reserves, but the company countered that it had merely engaged in a computational change. In a unanimous decision, the Supreme Court upheld the IRS' interpretation of the law. After the

construction of the World Trade Center The construction of the first World Trade Center complex in New York City was conceived as an urban renewal project to help revitalize Lower Manhattan spearheaded by David Rockefeller. The project was developed by the Port Authority of New ...

, Atlantic Mutual moved its headquarters from 45 Wall Street to

. The company was one of many which insured buildings in and around the

, and the firm suffered significant losses after the

September 11 attacks The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercia ...

. Since Atlantic Mutual was more than 100 years old, the company was a member of

The Hundred Year Association of New York The Hundred Year Association of New York, founded in 1927, is a non-profit organization in New York City that recognizes and rewards dedication and service to the City of New York by businesses and organizations that have been in operation in the ...

.Barr, Alistair. "Titanic Insurer Atlantic Mutual Sinks." ''MarketWatch.'' May 6, 2011.
/ref>

Decline and liquidation

In 1995, Atlantic Mutual sold its data center facility in

Roanoke, Virginia Roanoke ( ) is an independent city in the U.S. state of Virginia. At the 2020 census, the population was 100,011, making it the 8th most populous city in the Commonwealth of Virginia and the largest city in Virginia west of Richmond. It is lo ...

to MFX Roanoke, Inc. In 2003, the company sold the renewal rights to its commercial overland Marine and Ocean Going Cargo business to Travelers, and its Specialty Lines business to OneBeacon Insurance. In 2004, the company "scaled down its operations to focus solely on personal lines business, particularly in the high net worth market." After a downgrade by A.M. Best in 2006, the company also sold its "high net worth personal lines business to Ace Group" in 2007. In 2010, New York state insurance regulators revoked Atlantic Mutual's insurance licenses and placed it into rehabilitation because it had a negative capital and surplus of $25.1 million. On April 27, 2011, the Supreme Court of the State of New York,

County of New York Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five Boroughs of New York City, boroughs of New York City. The borough is also coextensive with New York County, one of the List of co ...

, declared that Atlantic Mutual and Centennial Insurance Company were insolvent, and placed them in liquidation after the company was swamped with

workers' compensation Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her emp ...

insurance claims. James J. Wrynn, the Superintendent of Insurance of the State of New York was appointed liquidator.

Famous shipwrecks insured by Atlantic Mutual

As the largest marine insurance firm in the United States for many years, Atlantic Mutual became involved in some of the most famous shipwrecks in American history. *'' SS Central America'' - The company insured the ''SS Central America,'' a sidewheel

steamship A steamship, often referred to as a steamer, is a type of steam-powered vessel, typically ocean-faring and seaworthy, that is propelled by one or more steam engines that typically move (turn) propellers or paddlewheels. The first steamships ...

laden with gold which sank in a hurricane in September 1857. When the wreck was rediscovered by the Columbus-American Discovery Group, Inc. on September 11, 1987, Atlantic Mutual and 38 other insurance companies filed

suit A suit, lounge suit, or business suit is a set of clothes comprising a suit jacket and trousers of identical textiles worn with a collared dress shirt, necktie, and dress shoes. A skirt suit is similar, but with a matching skirt instead of tr ...

against the treasure-hunting firm, claiming that because they paid damages for the lost gold they had the right to it. In a precedent-setting court case on

telepossession In law, telepossession is the right of ownership of a resource based on telepresence rather than physical proximity. The term gained importance in maritime salvage following the case of the SS Central America. In the case of the SS ''Central Americ ...

, the

4th Circuit Court of Appeals The United States Court of Appeals for the Fourth Circuit (in case citations, 4th Cir.) is a federal court located in Richmond, Virginia, with appellate jurisdiction over the district courts in the following districts: * District of Maryla ...

ruled against Atlantic Mutual and the other insurance companies and awarded 92 percent of the gold to the Columbus-American Group. *''

Mary Celeste ''Mary Celeste'' (; often erroneously referred to as Marie Celeste) was an American-registered merchant brigantine, best known for being discovered adrift and deserted in the Atlantic Ocean off the Azores Islands on December 4, 1872. The Cana ...

'' - Atlantic Mutual was also one of the insurers of the ''Mary Celeste,'' an American

brigantine A brigantine is a two-masted sailing vessel with a fully square-rigged foremast and at least two sails on the main mast: a square topsail and a gaff sail mainsail (behind the mast). The main mast is the second and taller of the two masts. Older ...

sailing out of

Staten Island Staten Island ( ) is a borough of New York City, coextensive with Richmond County, in the U.S. state of New York. Located in the city's southwest portion, the borough is separated from New Jersey by the Arthur Kill and the Kill Van Kull an ...

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

.Fay, ''The Story of the "Mary Celeste",'' 1988. In December 1872, a month after leaving Staten Island for

Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...

, the ship was seen adrift and without her crew and no explanation for the "ghost ship" has ever successfully explained why the ship was abandoned. Atlantic Mutual established a small museum dedicated to the mystery of the ''Mary Celeste'' at its corporate headquarters, which included a model of the ship and the captain's lap desk. *''

RMS Titanic RMS ''Titanic'' was a British passenger liner, operated by the White Star Line, which sank in the North Atlantic Ocean on 15 April 1912 after striking an iceberg during her maiden voyage from Southampton, England, to New York City, United ...

'' - The Atlantic Mutual Insurance Company also helped to insure the ''RMS Titanic''. The ship was insured for $140,000, of which $100,000 was held by Atlantic Mutual.Eaton and Haas, ''Titanic: A Journey Through Time,'' 1999. The largest passenger steamship in the world at the time, the ''Titanic'' struck an

iceberg An iceberg is a piece of freshwater ice more than 15 m long that has broken off a glacier or an ice shelf and is floating freely in open (salt) water. Smaller chunks of floating glacially-derived ice are called "growlers" or "bergy bits". The ...

on the night of April 14, 1912, during her maiden voyage and sank with more than 1,500 people still aboard two hours and forty minutes later.

Notable presidents, chairman and directors of the Atlantic Mutual

The Atlantic Mutual Insurance Co. has been led by a number of prominent New Yorkers as well as leading American business people. Among them are: ;Presidents * 1895–1897: William H. H. Moore * 1897–1915: Anton A. Raven * 1915–1930: Cornelius Eldert * 1930–1934: Walter Wood Parsons * 1934–1946: William D. Winter * 1946–1951: J. Arthur Bogardus * 1951–1953: Franklin B. Tuttle * 1953–1966: Miles F. York * 1966–1969: David A. Floreen * 1970–1976: Harold A. Eckmann * 1976–1985: John J. Mackowski * 1985–1988: Edward K. Trowbridge * 1988–1995: Kenneth J. Gorman * 1995–1997: Klaus G. Dorfi * 1997–2004: Kermit C. Smith * 2004–2008: Daniel H. Olmsted ;Directors * E. Virgil Conway * Cleveland E. Dodge Jr. *

William E. Dodge Jr. William Earl Dodge Jr. (February 15, 1832 – August 9, 1903) was an American businessman, activist, and philanthropist. For many years, he was one of two controlling partners in the Phelps Dodge Corporation, one of the largest copper mining corpo ...

* Eugene R. McGrath

Notes

References

Atlantic Mutual Companies. ''Meeting the Challenges of Our Time: 2001 Annual Report.'' New York: Atlantic Mutual Companies, 2001.
*Bagli, Charles V. "45 Wall St. Is Renting Again Where Tower Deal Failed." ''New York Times.'' February 8, 2003. *Clayton, W. Woodford and Nelson, William. ''History of Bergen and Passaic Counties, New Jersey: With Biographical Sketches of Many of Its Pioneers and Prominent Men.'' Philadelphia: Everts & Peck, 1882. *Eaton, John P. and Haas, Charles A. ''Titanic: A Journey Through Time.'' New York: W. W. Norton & Company, 1999. *Fay, Charles Edey. ''The Story of the "Mary Celeste".'' Mineola, N.Y.: Dover Publications, 1988. *Godwin, John, ''This Baffling World.'' New York: Hart Publishing, 1968. *Hunt, Freeman. ''Lives of American Merchants.'' Vol. 1. New York: H.W. Derby, 1857. *Jaher, Frederic Cople. ''The Urban Establishment: Upper Strata in Boston, New York, Charleston, Chicago, and Los Angeles.'' Urbana, Ill.: University of Illinois Press, 1982. *Jones, Thomas and DeLancey, Edward Floyd. ''History of New York During the Revolutionary War: And of the Leading Events in the Other Colonies at that Period.'' New York: New York Historical Society, 1879. *Kinder, Gary. ''Ship of Gold in the Deep Blue Sea.'' New York: Vintage Books, 1998. *Rousmaniere, John. ''After the Storm: True Stories of Disaster and Recovery at Sea.'' New York: McGraw-Hill Professional, 2002. *"Steam on the Atlantic." ''New York Times.'' December 10, 1882. *Weil, François. ''A History of New York.'' New York: Columbia University Press, 2004.