Lloyd’s does not fear NY threat

Lloyd’s underwriting performance director Tom Bolt says Lloyd’s insurers have little to fear from David Paterson, the governor of New York’s, plans to set up a rival, the FT Reports.

“Because not all kids play nicely together, getting people set up to work right and care as much about the mutual as they do about their own individual economic interest is a difficult thing to achieve,” says Bolt.

“One of the questions you’d ask yourself . . . is how much do you want to start an exchange heading into a soft market, where price adequacy is going to be less interesting than it has been at other times?”

The FT has a lengthy interview with Bolt.