The humble Capt. Sullenberger said he would “gratefully accept this deep honor on behalf of my crew, my passengers and all the first-responders who performed so admirably and courageously during the evacuation that day.”

***

Meeting Prince Andrew–in town to say a few words about the importance of the world's two economic epicenters, London and New York, working together to make our financial system whole again–felt a bit awkward, as I wondered about the proper protocol. But his royal highness was very down to earth in both his personal encounters and his after-dinner speech, in which he warned that “we must assure that future steps do not kill the very capital markets that reforms are meant to save.”

Lord Levene seconded that motion in his own speech, noting that “no one in this room is a fan of more regulation, but we are all supporters of better regulation.”

***

The big news to come out of the night was that the president of Lloyd's North America, LoriAnn Lowery, is on her way out the door. She told me that she gave three months notice to Lloyd's in early May to allow for a smooth transition.

She explained that having a new family in Texas while working in New York made it too hard to balance her professional and personal lives, but emphasized that she is eager to land another substantive position in the insurance industry closer to home. With her Lloyd's experience the icing on the cake of a stellar 20-plus-year career in the brokerage business, I don't expect her to remain a free agent for long.

LoriAnn was always very open with the press, and earned kudos for raising Lloyd's already high profile throughout the United States. She'll be missed, and I wish her well.

***

One no-show at the Lloyd's dinner was New York Gov. David Paterson, who had to pass while he played ringmaster at the circus better known as the State Legislature, which is deadlocked between an even number of Republicans and Democrats, thanks to the defection of one sleazy, self-serving, turncoat Democrat, and the absence of any lieutenant governor to break tie votes. (Thanks, Gov. Spitzer, for leaving our “accidental governor” even deeper in the lurch!)

The “New York Post” depicted the state's senators as clowns in its front-page picture, but I think that is an insult–to clowns, that is.

It is official: I am living in a banana republic–an absurd, dyfunctional government, not the clothing outlet–as my elected officials carry on like slapstick comedians on the old vaudeville circuit.

Last year at this dinner, Gov. Paterson made news by announcing he intended to resurrect the long-defunct New York Insurance Exchange. We haven't heard much about that since, given the soft market and collapsing economy.

***

Speaking of New York politics, there was plenty of chatter about the prospects for the soon-to-be-former insurance superintendent, Eric Dinallo. One longtime player warned that Mr. Dinallo will need his time in academia teaching at NYU to prepare for the one potential deathblow in any future campaign–most likely for state attorney general (should the current occupant, Andrew Cuomo, make way in his quest for the governor's mansion).

That is, how to respond to the unfair but inevitable slam that Mr. Dinallo was the regulator of AIG–poster child of the bailout generation–when the company nearly went under, threatening to drag our entire economy down with it.

Of course, this is a ridiculous charge, since AIG was recklessly trading credit default swaps into oblivion long before Mr. Dinallo got there. Even if he had been on the scene, the insurance superintendent had no authority over such activity in the first place. The fact is Mr. Dinallo helped keep AIG afloat long enough for Uncle Sam to come to its rescue, and its state-regulated insurance subsidiaries are all in reasonable shape.

But that is an awful lot of facts for the average voter to absorb, especially during the heat of a campaign, and particularly when it comes to the misunderstood insurance industry. Good luck with that, Eric!

***

I spoke briefly with the one insurance royal in the room–Hank Greenberg. His handshake is still bone-crushing, and his force of personality equally strong. He looked none the worse for wear after four days in the witness chair in his battle with his old employer, AIG, over funds allegedly set aside to compensate high-performers at the company, but which Hank quickly seized for use elsewhere right after parting company amid an accounting scandal.

Early on in the trial, I was skeptical Hank could pull this last rabbit out of his hat, but I am starting to have my doubts. As I say in my NU column this Monday, no one ever made any money betting against Hank Greenberg.

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