Julian James, director of worldwide markets at Lloyd's of London, explained that in the aftermath of last year's terrorist attacks, "Many participants remembered the good times and the competitive spirit of races past and wanted to return for a sixth regatta and salute New York City by racing again."

Lloyd's of London was among the industry groups that sponsored the resumption of the regatta, which was first held in 1990 and continued through 1997. Other sponsors included ACE European Group, Amlin Plc., Aon Re Inc., Fox-Pitt Kelton Inc., and Price Forbes Limited.

The event pitted London and New York teams against each other. Each team consisted of four crews who competed in 24-foot J Class boats in a series of seven races held over two days. The winning team was rewarded with a Challenge Cup.

Contestants raced over courses laid out by the Manhattan Yacht Club, on the Hudson River and New York's Upper Bay in the vicinity of the Statue of Liberty and Ellis Island.

Constance Curnow, managing director for Guy Carpenter in New York, said she first attended the regatta when it started in 1990.

"I think it brings together the spirit of sport, and it brings together the importance of not only the London market but the Bermuda market as it relates to the reinsurance business," she said.

Mr. James said that, "These regattas have forged lasting friendships and business partnerships. The regatta is a symbol of the cooperative spirit of the insurance industry, especially in two of its global centers--the great cities of London and New York,"