The organization that operates insolvent New York insurance companies for the state has undergone a management shakeup at what an official said today was a "problem-plagued operation."

As part of an effort to change the non-government New York Liquidation Bureau, four people were named to top leadership posts with the organization.

The restructuring was announced by New York Superintendent of Insurance Eric R. Dinallo and Mark G. Peters, special deputy superintendent in charge of the bureau.

Mr. Dinallo said in a statement he would work with the four appointees "as they continue to transform and improve the bureau."

In a statement, Mr. Peters said that since his appointment in April, "a multitude of problems have been uncovered that have plagued the bureau for years. With the addition of those named today, we have begun to tackle even the most severe problems, including commissioning the bureau's first financial audit in recent years and reconstituting its outside counsel panel."

Earlier this month, the bureau announced it had embarked on a proactive program to collect reinsurance balances from delinquent reinsurers. Mr. Peters said then his operation was "no longer waiting passively to collect vital assets that are necessary for proper resolution of claims."

The appointees announced were:

o Susan J. Pogoda, first assistant special deputy superintendent and chief of staff, a newly created position to manage day-to-day operations of the bureau's 400-person staff. Ms. Pogoda was previously bureau chief for the New York State Attorney General's Claims Bureau.

o Andrew Lorin, assistant special deputy superintendent and general counsel, who was previously the enforcement section chief for the New York State Attorney General's Investment Protection Bureau.

o Joseph J. Liberatore, assistant special deputy superintendent and chief financial officer, who was previously Citigroup vice president alternative investments, finance & controls.

o Dennis J. Hayes, assistant special deputy superintendent for reinsurance and estate management, a newly created post. Mr. Hayes most recently was the bureau's executive director for receivership operations.

New York Liquidation Bureau operating expenses are funded by the assets of the 61 estates the NYLB controls and the various security funds. Its operating expenses are proportionally paid from these two areas.

Special Reports /

New York Liquidation Bureau New Management Announced

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