Insurance executives and officials from the New York State Insurance Department have convened to revive the New York Insurance Exchange (NYIE).
According to a report on Insurance Journal, the group of 80 individuals included representatives from Marsh, Lloyds, Aon, Chartis, Swiss Re and Berkshire Hathaway. Under the guidance of Maria Filipakis, special counsel for the New York Insurance Department, seven working groups were formed to craft recommendations over the next three months that will be presented at a meeting April.
New York State Governor David Paterson announced plans to revive the NYIE in a speech earlier this month. Modeled after Lloyd’s of London, the original NYIE was founded in 1980 as a common market for insurers to place hard-to-place risks, but closed in 1987.
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