US to launch rival to Lloyd’s of London

Steve Dinneen
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NEW York hopes to set up a rival to Lloyds of London in a move that could finally see a major rival to the centuries-old institution in the US.

An outline for a revived New York Insurance Exchange (NYIE) could be prepared as soon as September, according to New York Superintendent of Insurance James Wrynn.

A rival was set up in the 1980s but closed just seven years later after suffering heavy losses. This time Wrynn vowed not to repeat the same mistakes again. He said the exchange would focus on contemporary risks such as terrorism and piracy.

Seven working groups will report findings on the proposed exchange back to the New York Insurance Department in April.