This updates our January 27, 2010 posting.

According to media reports, New York Insurance Department (“NYID”) Superintendent James Wrynn recently announced that the NYID is targeting September 2010 for the launch of the reconstituted New York Insurance Exchange (the “Exchange”). Superintendent Wrynn stated that New York is “using Lloyd's as a blueprint” with the goal of having “as technologically advanced a platform as possible.” He expects the Exchange to have more internal oversight with contact certainty and claims payment rules. Other points discussed by Superintendent Wrynn included the need to determine proper capitalization ratios so that the Exchange does not become insolvent like its predecessor. He also reiterated his previous statements that the NYID wants “to develop a platform that compliments Lloyd’s and not just something that it is in competition with Lloyd’s."