New York Gov. David Paterson confirmed late last month that his state is seriously considering resurrection of the long-defunct New York Insurance Exchange as part of its financial services modernization campaign.
The exchange debuted in 1980 as a syndicated, subscription-based market modeled after Lloyd's of London, to write both specialized risks as well as reinsurance.
It folded seven years later, the victim of a softening market and poor underwriting, among other problems, critics said.
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