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TABLE OF CONTENTS

0:00 Intro 1:51 Bloomberg article β€˜NYC’s Taxi Mess Was Driven by Decades of Inaction and β€˜Massive’ Fraud’ 12:06 Is the TLC killing insurance innovation that would make industry less reliant on ATIC? 14:03 Additional thoughts on American Transit story 23:04 Is American Transit (ATIC) still in business? 26:57 NYC TLC insurance broker crisis? 28:56 ATIC pays majority of $40+ million TLC broker fees 29:42 NYC TLC Insurance Total Addressable Market (TAM) analysis 33:12 How much do NYC TLC insurance brokers make? 41:10 TLC insurance broker commissions have been cut and its imp 44:29 Impact of a 1% TLC broker commission cut? Other market risks? 50:13 NYC TLC insurance broker market share 52:09 Consolidate, compete or go out of business 52:18 Why doesn’t ATIC (or Hereford) sell insurance directly? Why do they use brokers?

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