Atlas Financial has partnered with strategic external insurance and reinsurance partners to grow its MGA operation
US-based Insurance firm Atlas Financial has extended its agreement with National Interstate Insurance (NATL), which was previously announced in June 2019.
Atlas is engaged in offering insurance for the light commercial automobile sector including taxi cabs, non-emergency para-transit, limousine, including full-time transportation network company drivers, and business auto.
Atlas president and CEO Scott Wollney said: “Our Team has been working very effectively with the National Interstate team during the past year and are extremely pleased to be able to continue offering a paratransit insurance program to our smaller accounts on a go-forward basis.
“National Interstate is an extremely valuable partner and we are proud to be working together to support paratransit operators across the US.
“Atlas and AGMI’s focus has centred around owner-operators and smaller accounts and we believe the modification and extension of this agreement confirms the core competency we’ve developed in this unique area.”
Atlas Financial subsidiaries will continue to operate as underwriting manager for NATL
Under the terms of the extended agreement, Atlas Financial subsidiaries will continue to operate as underwriting manager for NATL.
The subsidiaries will transition new and renewal paratransit business to NATL paper until August 2021 for fleets with seven or fewer vehicles and until November 2020 for accounts with eight or more vehicles.
NATL will continue to hold the option to buy renewal rights on both the segments during the expiration of the agreement periods, and other previously disclosed material terms of the agreements will remain unchanged.
Atlas Financial has partnered with strategic external insurance and reinsurance partners to grow its MGA operation and leveraged its focus, experience and infrastructure to create value for stakeholders.
Also, the company has recently sold its Gateway Insurance to Buckle, a financial services company, along with an MGA programme focusing on taxi, livery, limousine and full-time transportation network company drivers.
Wollney added: “It is consistent with our emphasis being placed on generating EBITDA at the MGA level while endeavouring to reduce risk and capital requirements related to traditional primary insurance company operations.
“We will continue to pursue opportunities to leverage this expertise in other areas of specialty commercial auto as a managing agent as well.”