The official in charge of the private entity which manages New York’s insolvent insurers said the operation will slash costs by dropping two third-party administrators and performing their work in-house.

Mark G. Peters, Special Deputy Superintendent in charge of the New York Liquidation Bureau, said by nonrenewing contracts with World Wide Claims Management Services Inc. and Risk Enterprise Management Limited, the NYLB will cut its annual outlay for outside vendors “by over $400,000.”

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