Transportation
NYC’s Troubled Taxi-Insurance Assets Are Targeted by $3 Billion Fund
- Marblegate in talks with financial regulator about ATIC assets
- ATIC had posted net losses of $700 million in recent filing
A taxi outside Penn Station in New York.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
Marblegate Asset Management is in discussions with state regulators about how it can potentially take over the assets of New York City’s insolvent taxi insurer, according to people with knowledge of the matter.
The $3 billion investment firm — the city’s biggest medallion owner and lender — hasn’t made a formal proposal, and is one of multiple parties that have reached out to New York’s Department of Financial Services about the situation at American Transit Insurance Co., according to the people.