New York Fund Can't Get Reinsurance

The New York State Insurance Fund (NYSIF ) has two reinsurance contracts that expired 1/01/02 that it has not been able to renew. Kenneth Ross, NYSIF's executive director and CEO says the Fund is not vulnerable, however, as it continues to search the market to place this risk. The Fund started the search for renewal policies early winter, but found that many reinsurers would not provide the excess coverage. NYSIF is the largest writer of workers' comp insurance in the state, and claims between 33% and 35% of the market. They recently reported a significant upward trend in sales to lar...