Plans for NY insurance exchange published by September
New York Superintendent of Insurance James Wrynn hopes to have an outline for a revived New York Insurance Exchange (NYIE) to rival Lloyd’s by September, the Telegraph reports.
The original exchange was founded in the 1980s, but closed after seven years due to losses.
Wrynn said the NYIE would "obviously provide a bit of competition" for Lloyd's, and admitted London's 322-year-old market would be used as a blueprint.
Lloyd’s a fan
Tom Bolt, Lloyd's franchise performance director, said he was an "enormous fan of intelligent competition. If you [Mr Wrynn] can make it really smart and really slick, go for it."
Joe Plumeri, Willis chief executive, said: "If the NYIE gives our clients more access to capacity and helps us get our clients' claims paid quicker, and it does all this in a way that is much more efficient and more automated than in the past, we think it's great."
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