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Wrynn “guardedly optimistic” about exchange
25 January 2010
New York’s Insurance Department will prioritise making the city a place where insurance companies want to do business by launching the New York insurance exchange, said James Wrynn, the department’s superintendent, at a Reactions US Business Club held in New York last week.
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New York’s Insurance Department will prioritise making the city a place where insurance companies want to do business by launching the New York insurance exchange, said James Wrynn, the department’s superintendent, at a Reactions US Business Club held in New York last week.
Wrynn’s goal for 2010 is to enhance New York’s image as a world financial centre through the reactivation of the insurance exchange. “Guardedly optimistic” was the term Wrynn used to describe his hopes for success of the exchange.
The original New York insurance exchange, which was founded in 1980, operated in a similar way to the Lloyds of London market by providing a centralised marketplace for brokering and underwriting. However, it was closed seven years later after the industry suffered a period of losses.
The failed attempt for an exchange means many are sceptical. However, Wrynn stressed that the department has learnt from...
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