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New York, March 1, 1999

Superintendent of Insurance Neil D. Levin today announced that the Department has hired Scott Johnson as its first Capital Markets Specialist. In this new role, Johnson will be responsible for analyzing the capital markets activities of insurers – bringing much-needed capital markets expertise into the Department's examination processes. Johnson will also be responsible for designing a training program for all staff on capital markets issues.

Levin announced that he hired Johnson to help the Department respond quickly to the changing financial marketplace and to monitor the insurers' expansion into global capital markets. The insurers regulated by the Department have expanded their international exposure in their investment portfolios and have greater authority over the use of derivatives in their risk management of their businesses. In addition, Levin noted the trend of property and casualty companies moving into the securitization of financial risk.

Johnson comes to the Department with nine years of experience in investment management at Aetna Investment Group and J.P. Morgan Investment Management. Most recently, he worked for the Nation Credit Union Administration where he was an Investment Officer responsible for advising on asset selection, risk assessment, and general management of the agency's $4 billion insurance fund. He was also an instructor to the agency's field examiners about capital markets, capital markets instruments, regulatory issues and financial data services.

"The New York State Insurance Department is the premier insurance regulatory agency in the world and we must keep pace with the changing financial marketplace and the impact it has on the insurance industry. Scott has the perfect combination of capital markets and insurance experience to ensure that the Department retains that edge," said Levin.

Johnson received his BA in Mathematics from Fordham University and earned an MBA in Finance from Cornell University.

Department of Financial Services


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