Atlantic Mutual, or the Atlantic Companies, started out in 1838 as a corporation, but turned to personal insurance and other forms of insurance in the 1840s. One of the company’s biggest historical highlights was that it was one of the insurers of the Titanic that sank in April 1912. Though the ocean liner was deemed unsinkable, Atlantic Mutual paid out an estimate of $100,000 in damages for the ship.

Atlantic’s headquarters were in New York, New York, and they were hard hit both physically and financially from another historical tragedy, the September 11 terrorist attacks. The company attempted a recovery, but it was placed into liquidation in April 2011 by the state of New York, according to the Wall Street Journal, due to a negative surplus.

The company was weighed down with workers’ compensation claims, and they attempted to jump ship and switch to personal lines of insurance. They called it the Master Plan, and it was insurance marketed to high net-worth clients.

In 2008, the Master Plan personal lines of Atlantic Mutual were acquired by ACE Ltd. The company is the parent corporation of the ACE Group, a provider of insurance and reinsurance on a global scale. They took the Master Plan and renamed it the ACE Platinum Portfolio.

Car Insurance Options

The ACE Group offers individual auto insurance along the usual lines. They offer liability insurance that covers the damage a driver causes to other vehicles and property. They sell collision insurance that covers the damage to a driver’s automobile from an accident.

Also offered is personal injury protection, or PIP insurance; this insurance is a required form of coverage in many states. It covers the medical expenses of those injured in an accident; in some states, it also covers lost wages and funeral expenses.

Additional coverage includes vandalism, theft, expenses such as towing and travel insurance. They even offer insurance for boats and private airplanes. Further liability insurance can be purchased through an umbrella liability package.

The ACE Group still offers the Platinum Portfolio that is aimed at high net-worth individuals who are looking to insure all of their expensive luxury items with one policy. The portfolio can be customized to include multiple cars with multiple drivers, luxury watercraft such as a yacht and high-end residences and vacation homes.

The ACE Group claims that the benefits of a portfolio approach saves time and money for rich clients. There are fewer coverage gaps or coverage duplication that can both be costly. Discounts are included in the packaging of multiple lines of insurance, and there is only one bill to pay every month.

Financial Information

The ACE Group has some substantial financial holdings as one of the largest providers of commercial and private property in the world. The company claims over $78 billion in assets and $19 billion in direct premiums in 2009.

The National Association of Insurance Commissioners (NAIC) listed the ACE Ltd. Group as number 13 out of the top 25 companies in the U.S. for 2010 that provide insurance; the designation takes into account all lines of insurance, not just auto insurance. The company was listed as having over $8 billion in direct premiums in the U.S. and 1.70% of the market share.

The group also placed in the top 25 in more specific lines of insurance providers. They were 24th in medical liability insurance with 1.03% of the market; they were eighth in workers’ compensation insurance with 2.69% of the market share; fifth in the Other Liability group with 5.12% of the market; and they were 19th in the total commercial auto insurance line with 1.26% of the market. They did not have a sizeable enough share to rank in the top 25 in the private auto insurance line.

Advertising and Marketing

The ACE Group’s latest advertising strives to incorporate the company’s presence in the U.S. and across the globe. Advertising shots show CEOs and Vice Presidents in front of a famous city skyline or infrastructure such as the Golden Gate Bridge in San Francisco, the Empire State Building in New York City or Big Ben in London.

The company also advertises heavily at golfing tournaments such as the PGA Tour, even sponsoring some tournaments such as the ACE Group Classic in Naples, Florida. This is an example of the company advertising to a higher-end clientele and marketing that is in line with the company’s brand.

Ratings and Awards

Many of the Nationally Recognized Statistical Rating Organizations (NRSRO) rate the ACE Group very highly in terms of financial strength and stability. A.M. Best ranked the ACE Group at an A+, or Superior for financial stability. Another NRSRO, Standard & Poor’s, also gave a high rating with an AA-, or very strong. These ratings indicate that the company has sufficient holding and benchmark industry practices that make it a very low risk for defaulting on its financial obligations in the future.