Jeffrey S. Bragg, the first director of the Terrorism Risk Insurance Program (TRIP), under the Department of Treasury, is leaving the government at the end of the year, according to an email he wrote to colleagues.

The email subject was "Retirement."

He wrote he was looking forward to opportunities that may come his way after his Dec. 31, 2013, departure date.

Bragg joined Treasury in April 2003 to serve as the first executive director of TRIP, which was established under the Terrorism Risk Insurance Act (TRIA) of 2002. Since the passage of the Dodd-Frank Act, he reports to the Federal Insurance Office (FIO.)

The news comes the same day as a hearing on TRIA's quest for renewal was debated in the House Subcommittee on Insurance and Housing.

On Dec. 26, 2007, President George Bush signed the Terrorism Risk Insurance Program Reauthorization Act of 2007 into law through December 31, 2014.

The insurance and reinsurance industry desperately want the program renewed once more, by the end of the year or early next year. The program could find some favor in Congress if House Financial Services Chairman Jeb Hensarling, R-Texas, sees that industry meets certain demands for more industry skin in the game, according to sources.

According to a biography on the Women in Housing & Finance site, Bragg was responsible for implementing the operational requirements of the Act, managing the TRIP staff, consultants and contractors, and setting operational guidelines and policies, and now, working with FIO Director Michael McRaith.

Bragg was appointed by President Reagan and confirmed by the U.S. Senate as administrator of the Federal Insurance Administration where he managed the National Flood Insurance Program (NFIP,) the Federal Riot Reinsurance Program, as well as the Federal Crime Insurance Program.

Before joining Treasury, Bragg was an executive at Risk Enterprise Management and chief operating officer for Insurance Management Solutions Group, an application software and business process outsourcing provider to insurance companies.

Treasury declined comment on this story.

Meanwhile, the Treasury Department and the President's Working Group (PWG) on Financial Markets published a request for comments this summer for a pending report on Long-Term Availability and Affordability of Insurance for Terrorism Risk due by the end of the year. The PWG's 2013 report will be the last of three PWG reports expected before the December 2014 expiration of the Terrorism Risk Insurance Program.

The Property Casualty Insurance Association of America, which strongly supports a long-term reauthorization of TRIA said this summer when comments were requested, "It is important to have a plan in place to protect the economy and provide rapid assistance to impacted businesses."

With respect to rapid assistance, the Boston Marathon bombing tragedy has not yet been certified and it is unclear to many–including those in Congress–why certification of the bombings remain a mystery, as businesses that may or may not have terrorism coverage or exclusions hang in the balance.

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Bragg to Leave Terorrism Risk Insurance Program at End of 2013

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