Atlas Financial extends underwriting agreement with NATL
Atlas Financial announced that it had extended its agreement with National Interstate, which was previously announced in June 2019. As extended, Atlas subsidiaries will continue to act as underwriting manager for NATL and transition new and renewal paratransit business to NATL paper until at least August 2021 for fleets with seven or fewer vehicles and until November 2020 for accounts with eight or more vehicles. NATL continues to retain the option to purchase renewal rights on either of these segments at the expiration of the agreement periods. Other previously disclosed material terms of the agreements between the parties remain unchanged.
“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 U.S. Atlas and AGMI’s focus has centered 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. It is consistent with our emphasis being placed on generating EBITDA at the MGA level while endeavoring 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.” – Scott D. Wollney, Atlas’ President & CEO.
Atlas is also pursuing additional arrangements with the objective of establishing MGA relationships in connection with the Company’s other lines of business as well. The Company recently announced its closing of sale of Gateway Insurance Company to Buckle, a technology-driven financial services company, along with a MGA program focusing on taxi, livery, limousine and full-time transportation network company drivers.