New York Gov. David Paterson started a buzz in the market by voicing his strong interest in reviving an insurance exchange modeled after Lloyd's of London–host of the gala Manhattan dinner where the governor made his pitch. The question circulating around the banquet room was whether a new exchange could succeed after its predecessor crashed and burned over 20 years ago.
The New York Insurance Exchange debuted in 1980 as a syndicated, subscription-based market, mimicking Lloyd's. It was conceived during a capacity crunch, but folded seven years later–the victim of a softening market, capital shortages and poor underwriting, among other problems cited by critics.
However, Gov. Paterson believes the time might be right to try again because the investment infrastructure is so different.
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