Perella Weinberg Partners has scooped its second high-profile mandate in a month after being appointed as adviser to The New York State Insurance Department, which is exploring its options for assisting bond insurers struggling in the wake of billion dollar writedowns.

A person familiar with the arrangement told Financial News that the insurance regulator has been considering a “case by case” approach to solving the problem of the bond insurers, whose exposure to structured products and huge writedowns have credit-rating agencies threatening to further downgrade their AAA rating.