Private equity firm behind New York plans to rival Lloyd’s

US private equity firm JC Flowers is backing plans to build a rival insurance exchange to Lloyd’s in New York and has been advising the New York Insurance Department, the Telegraph reports.

James Wrynn, the New York Superintendent of Insurance, hopes to have an outline for the new exchange in place by September.

Roger Foord, an insurance consultant, said that a New York Insurance Exchange could expose weaknesses in the Lloyd’s market.

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