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Underwriter partners with specialty transportation insurer


American Financial Group Inc.’s commercial transportation subsidiary, National Interstate Insurance Co., on Monday became the exclusive underwriter of Atlas Financial Holdings Inc.’s paratransit book of business.

National Interstate plans to begin issuing policies in the third quarter of 2019 and thinks most  of Atlas’ $110 million paratransit business will be eligible for quotation during the next 12 months, Cincinnati-based American Financial said Monday in a statement.

An Atlas subsidiary will act as an underwriting manager for National Interstate for at least the next 12 months, after which time National Interstate is entitled to acquire the renewal rights for the business held by Atlas and certain of its subsidiaries, the statement said.

American Financial also has been granted a five-year warrant to acquire 19.9% of Schaumburg, Illinois-based Atlas’ common stock outstanding at an exercise price of 69 cents per share, which represents the average closing price per share for Atlas’ common stock over the preceding five trading days, the statement said.



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