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Jupiter’s risk-adjusted capitalisation strong despite hike in per-incident limit. Oil giant BP’s captive insurance facility continues to exhibit a strong level of risk-adjusted capitalisation despite its risk retention level having more than ...
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Coface appoints Hanley as senior underwriter. Dara Hanley has been appointed senior underwriter at Coface, based in Dublin. Hanley has joined from Euler Hermes, where he has worked as a credit underwriter in Ireland for the past four years. Hanley ...
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Technology ‘improves London’s role at heart of insurance world’ - Willis Global boss Hearn. Improved technology and greater global connectivity has strengthened rather than diminished London’s position at the heart of the worldwide insurance ...
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Ace targets further growth in South Africa. Ace has expanded its management team in South Africa, with Andrew Kendrick describing the country as key to Ace’s strategy of expansion across its Europe, Middle East and Africa (EMEA) region. John ...
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IAG mulls sale of UK operations as it launches strategic review. Insurance Australia Group (IAG) has embarked on a strategic review of its Lloyd’s operation Equity Red Star and confirmed it would consider selling all or part of the business. The ...
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Scor extends contingent capital facility by €75m. French reinsurer Scor has extended by €75m its contingent capital facility, described as a last resort protection tool on top of retrocession and insurance-linked securities (ILS). The facility is ...
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ID Summit: Beale laments ‘lack of professionalism’ in London. Experienced insurance figure Inga Beale has lamented the lack of professionalism she discovered in the London market when she returned after an 11-year absence. And she suggested ...
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Mapfre applies to write health business in Brazil. Mapfre is to apply for a licence to write health insurance in Brazil, its chairman, Antonio Huertas, revealed following his first international visit since taking on the role this March. The insurer ...
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Standard posts surplus despite Concordia impact. Protection and indemnity (P&I) mutual the Standard Club has posted a $3m surplus for the 2011/12 policy year despite the impact of the Costa Concordia loss on its books, a claim likely to be the ...
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Property treaty cut leaves marine and aviation as Hardy’s largest line. Hardy’s reduction in catastrophe risk appetite has been demonstrated by a 21.5% year-on-year fall in first-quarter gross written premiums. Hardy confirmed the non-renewal of ...
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Catlin Art Prize reveals winner. Julia Vogl’s sculpture Let’s Hang Out has been named the winner of the sixth annual Catlin Art Prize, with her work praised for the interaction it allows with viewers. The work invites visitors to create a ...
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Amlin hopes for ACI growth after completing revamp. Amlin’s reshaping of its troubled corporate insurance division appears to be complete, an interim management statement today suggests, prompting one analyst to predict “small growth from ...
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ID Summit: Microinsurance can empower women. The rise and growth of microinsurance in developing parts of the world can play a central role in the empowerment of women, according to Mark Byrne, founder and chairman of investment vehicle Haverford. ...
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ID Summit: MP Evans hits back at Hiscox comments. Jonathan Evans, a backbench MP and former insurance minister, has defended politicians against accusations from iconic London market figure Robert Hiscox they have done nothing to support the UK’s ...
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ID Summit: Reinsurance skill-set must evolve, panel says. The skill-set of reinsurance underwriters needs to evolve with the re-injection of common sense required for a sector that has become too reliant on models. That was the consensus of a ...
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The New York Compensation Insurance Rating Board (NYCIRB) has submitted to the Department of Financial Services on Thursday a loss-cost filing for an overall average loss cost change of +11.5 percent. The change in loss cost represents the anticipated cost …
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A court has ruled that the head of a Bossier City, La., taxi cab business cannot be held personally liable in a lawsuit over the death of a 12-year-old boy. The victim in the case was Justin Bloxom, whose body …
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Arthur J. Gallagher & Co. has appointed Eric C. Dean, Jerome S. Hanner and Cara Richardson as corporate vice presidents. Dean joined the company in 2012 and has more than 30 years of business experience in various key technology functions. …
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The tornado that swept through Joplin, Mo., on May 22, 2011, has generated $2.16 billion in insurance claims payouts to Missouri policyholders, according to an Insurance Information Institute analysis of data from ISO’s Property Claims Service (PCS) and other sources. …
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South Dakota has been awarded a $5.9 million federal grant to continue research into the possibility of a state-run health insurance exchange. But Gov. Dennis Daugaard says the state will continue to wait for the outcome of the lawsuit challenging …
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A family is suing a mortuary over a body switch that resulted in a grandmother being buried in another woman’s clothes in a California cemetery instead of an above-ground crypt in Nicaragua. The lawsuit filed Wednesday by the 88-year-old woman’s …
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North Dakota Insurance Commissioner Adam Hamm announced he has served a cease and desist order against Tim Everett, a Grand Forks area insurance agent who is alleged to have created fictitious insurance policy applications and to have been paid commissions …
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San Joaquin Valley’s crop damage estimate from a hail storm last month has reached more than $79 million. The Fresno Bee reports that Kings County, among the hardest hit areas of the region, recently increased its damage estimate from $20 …
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Louisiana’s property insurer of last resort has gotten permission to secure a $75 million cash line of credit in case a hurricane damages the state. The Louisiana Citizens Property Insurance Corp. has enough money set aside to cover a $110 …
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Irvine, Calif.-based SullivanCurtisMonroe named Shawn Kraatz as executive vice president in its Irvine office. His primary responsibilities at SCM will include commercial sales management and marketplace leadership. Kraatz joins SCM from Alliant, where he was first vice president. He has …
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Houston-based Dean & Draper Insurance Agency has been recognized by the Network of Vertafore Users (NetVU) for employing technology best practices that enhance productivity, simplify processes and improve customer service outreach. The 2012 Automation Excellence Award was bestowed during the ...
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A proposal that would have set up a body of elected and appointed officials to craft the health insurance exchanges that anchor President Barack Obama’s health overhaul has failed to gain traction in the Louisiana Senate. The Senate Finance Committee …
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The National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America have joined a lawsuit filed this week against the Oregon Departments of Administrative Services and Transportation to block the recently approved fee increase for motor …
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The Northern United Agents Alliance (NUAA), an independent agency partnership based in New Hampshire, added two new agency members. The new members are: Maloney Associates Insurance in Hanover, N.H., and Bernier Insurance Agency in Rochester, N.H. Maloney Associates Insurance was …
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Gov. Peter Shumlin has signed into law the next step in a multi-year effort to revamp Vermont’s health care system and make it more like Canada’s. The bill Shumlin signed on Wednesday calls for setting up a regulated health care …
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Gov. Peter Shumlin on Wednesday signed into law the nation’s first ban on a hotly debated natural gas drilling technique that involves blasting chemical-laced water deep into the ground. The Democrat, surrounded at a Statehouse ceremony by environmentalists and Twinfield …
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Hackensack Police Chief Ken Zisa faces up to 45 years in prison after a jury convicted him of insurance fraud and official misconduct. After deliberating three days, the panel on Wednesday found Zisa filed a false insurance report and became …
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Facing protests from consumers and state officials, Florida’s state-run homeowners insurer has found itself defending a proposal to increase rates for new customers above a legislative cap placed on current business. Citizens Property Insurance Corp. officials floated the proposal last …
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A federal appeals court has ruled for Hinds Community College in a workplace retaliation case. In 2010, a Mississippi federal judge ordered the school to pay a former professor $345,020 after a federal jury found she had been the victim …
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Leaders of major industrial economies meet this weekend to try to tackle a full-blown crisis in Europe where fears are growing that Greece could leave the euro zone bloc, threatening the future of the common currency. President Barack Obama, the …
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XL Group plc announced the appointment of Eileen Whelley as Executive Vice President, Chief Human Resources Officer, effective June 18, 2012. She succeeds Elizabeth L. Reeves, who is retiring. Whelley has been Executive Vice President, Human Resources for The Hartford …
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CNinsure Inc. an independent insurance intermediary company operating in China, announced that the board of directors of the Company has appointed Yunxiang Tang as an independent director of the Board and Yongwei Ma has resigned from the Board following the …
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The DLA Piper law firm announced that a group of lawyers led by partners Joyce Chan and Heng Loong Cheong will join its Hong Kong office from Dewey & LeBoeuf. The move signals yet another step in the meltdown of …
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To mark the anniversary, May 18, 2012, of its DARCstar Directors & Officers (D&O) insurance coverage, Willis Group Holdings has introduced a new improved version of the form, and has launched two new products in the DARCstar stable: “prospectus liability …
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Dwain Fogle believes in taking an extra minute to make sure safety is first in his job as a rural mail carrier, a lesson he learned from his father who spent 41 years in the same profession. As a rural …
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The federal agency that monitors worker safety has opened an investigation into the illness of a U.S. postal worker who became sick after coming into contact with a mysterious package from Yemen. A spokesman for the Occupational Safety and Health …
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The ability to predict how bad a storm will be has eluded forecasters since Hurricane Andrew made a catastrophic landfall in South Florida two decades ago and it will remain a challenge for the next chief at the National Hurricane …
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Random inspections of U.S. industrial workplaces lower the risk of workers being injured on the job and have no measurable negative effect on the companies inspected, according to a study in the journal Science. Companies chosen for random inspections by …
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New York’s Attorney General must review his predecessor’s private emails relating to a probe of American International Group Inc. and decide whether to release them to the public, a state judge has ruled. The office of Attorney General Eric Schneiderman …
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Mortgage insurer MGIC Investment Corp. has sued mortgage financier Freddie Mac and the Federal Housing Finance Administration to settle a dispute over coverage limits on certain insurance policies. MGIC said on Thursday it filed the suit in federal court in …
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Global (re)insurance stocks closed down heavily this week as
political turmoil weighed heavily on equities with euro exposures.
Unsurprisingly the pain was particularly dealt out to European
stocks, especially composite insurers with life insurance
operations and exposure to European sovereign debt,...
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Rating agency AM Best has rewarded the self-help work by management
at Flagstone Re by affirming the reinsurer's credit rating,
citing significant progress in de-risking the balance sheet and
improving enterprise risk management.
However, though Flagstone had its financial strength rating A-
a...
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Kiln has reduced the profit forecasts for most of its four
non-aligned syndicates for the 2010 and 2011 years of account.
It expects to make a profit from its flagship Syndicate 510 for
the 2011 year of account.
The mid-point profit forecast has fallen slightly from 4.8
percent to 4.5 percent of its...
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UK private equity group 3i has marked down the valuation of its
equity stake in Singapore-headquartered Asia Capital Re Holdings
(ACR) by 19.7 percent following an "unprecedented year"
for natural catastrophes in the Asia-Pacific region.
In its annual results, released yesterday (17 May), ...
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Japan's big three insurers have bolstered their reserves for
last year's Thai floods by $800mn to take their combined net
loss to $6.39bn, but none mentioned the size of their gross losses
in their disclosure documents.
MS&AD, Tokio Marine and NKSJ made the announcements in their
results...
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RenaissanceRe's temporary retro sidecar Upsilon Re is likely
to continue writing business into 2013, the property cat specialist
said.
Chief underwriting officer Kevin O'Donnell commented on the
vehicle, which was launched for 1 January to take advantage of the
temporary dislocation in the r...
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London-listed insurer Aviva's share price fell 4.7 percent
to 267.7p on 17 May, after a tumultuous day in which its proposed
strategic review and interim management statement were poorly
received by the market.
Ratings agency Standard & Poor's (S&P) also put the
insurer on Credit Wat...
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Ratings agency Fitch has said that the emerging markets strategy at
the heart of Lloyd's Vision 2025 strategic plan is a net
positive, albeit observing that it does carry additional risk.
The agency said today that the syndicated nature of Lloyd's
gives it an advantage over individual compan...
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Thai flood losses on the overseas per risk treaties of the
Japanese big three (re)insurers have deteriorated still further,
The Insurance Insider can reveal.
Official notifications to underwriters are still pending, but
according to broking and underwriting sources further examination
of the claims ...
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DLA Piper's Hong Kong office has hired two insurance,
corporate and regulatory partners from beleaguered law firm Dewey
& LeBoeuf, along with around three associates.
Joyce Chan, principal of Dewey's Hong Kong associated firm
Joyce Sze Ho Chan & Co, will lead the group of new Dewey
l...
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Hardy Underwriting, currently being sold to CNA, cut its top line
by 21.5 percent in the first quarter as it pulled back on
catastrophe risk and exited other lines of business.
Its interim management statement revealed that the biggest
reduction came in its property treaty book, where Q1 gross writt...
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BP Marsh & Partners has announced that its wholly owned
subsidiary BP Marsh & Co Limited has sold 1,193,500 shares in
international broking and managing general agency group Hyperion
for £4,535,300 in cash.
The sale values Hyperion at £165mn and the firm said the
sale price meant t...
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Aviva warned that its search for a new CEO to replace Andrew Moss
could take the rest of the year as it released its first quarter
interim management statement.
Operating profit for the quarter was marginally down compared to
the same period last year due to the spin-off of the
under-performing Delt...
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Amlin increased gross written premiums by 10.5 percent over the
first four months of the year to £1.44bn as trading conditions
became "considerably more encouraging".
The reinsurer said more than 75 percent of its underwriting
portfolio had achieved rate increases in the period, with ...
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Australian insurer IAG is considering selling its UK business as
part of a strategic review of its underperforming unit, which has
been ravaged by the challenging conditions of the UK motor market.
Possible scenarios include selling all or part of the business, the
firm said. Continuing the progra...
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Global reinsurer Scor has doubled the amount of event-driven
contingent capital it can draw down on in response to large natural
catastrophe losses to EUR 150mn from EUR75mn.
The extra EUR75mn layer of coverage is an event-driven contingent
capital equity line that allows Scor to issue shares in r...
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Graeme Moore, the well-regarded CEO of Global ReSpecialty at Aon
Benfield, has relinquished his role at the head of the pan-class
specialty business unit of the reinsurance broker, The
Insurance Insider can reveal.
Moore's position will be assumed by Simon Gander, previously
COO and already a ...
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Shares of short-tail specialist Lancashire have fallen nearly 8
percent over the past two weeks, ending a period of rocket-fuelled
performance for the London-based (re)insurer.
Its robust outperformance during the catastrophe-riddled 2011,
along with market commentary on the potential upside in pric...
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Insured losses from the tornadoes that devastated parts of Texas in
April are likely to reach $1bn, with more bad weather expected in
May, according to the Insurance Council of Texas.
Mark Hanna, a spokesman for the council, said there had been
$200mn of insured damage in the south-western border to...
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UK law firm Bond Pearce has added a new partner, Simon Gildener, to
its insurance professional risks team in London.
Gildener joined after a year at Clyde & Co, where he worked
in the international professional and financial lines practice
group. He was previously a general counsel and board mem...
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CAMP DAVID – The board of the NAACP, one of the nation’s oldest and largest African American advocacy organizations, has passed a resolution supporting gay marriage in the wake of President Obama’s public endorsement of same-sex unions.
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While their husbands were roughing it at Camp David, spouses of world leaders at the G8 Summit were treated to an intimate lunch and somewhat unorthodox tour of the White House.
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"We welcome this development and the fact that he'll be able to pursue a course of study here upon his arrival," White House security advisor Ben Rhodes said.
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In a joint statement, Obama and other leaders threatened to go to the International Energy Agency if disruptions to the world's oil supply continue.
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The G8 Summit is the largest gathering of world leaders ever at Camp David.
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At the end of a more then two-hour-long dinner at Camp David Friday night, President Obama ordered a cake for Japanese Prime Minister Yoshihiko Noda, whose birthday is Sunday.
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Geopolitics dominated the early talks, and Iran was at the top of the agenda.
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President Barack Obama is using the recent trading failures at JP Morgan Chase to push for quick implementation of strict regulations under the Wall Street reform act.
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HAGERSTOWN, Md. -- World leaders quickly got down to business over dinner Friday night at Camp David, tackling subjects from Iran, Syria, and North Korea to the importance of including women in the political process.
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HAGERSTOWN, Md. -- French President Francois Hollande had a place of honor at President Barack Obama's right hand during the opening dinner at the G8 Summit at Camp David.
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Despite the serious subjects expected at the G8, arriving leaders appeared upbeat.
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A round-up of leftover links from the day.
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President Obama and first lady Michelle Obama will host George W. Bush and his wife, Laura, for an official portrait hanging.
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The ad focuses on higher education - Barack Obama's - and his efforts to make college more affordable.
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The Obama campaign's top lawyer is open to launching more legal challenges against GOP-led laws establishing new ID and polling place requirements around the country.
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The U.S. House of Representatives passed another 30-day extension of the National Flood Insurance Program, less than two weeks before the latest short-term extension is set to expire.With five-year plan stuck, House passes new short-term NFIP extension via IFAwebnews.
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The cost of health care this year for a family of four exceeds $20,000, a record high despite a lower rate of increase from past years.Health care cost at all-time high, despite lower rate of increase via IFAwebnews.
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A group of life insurers sold their shares in a United Kingdom-based financial services technology firm to an American technology firm, introducing its business to the UK, Europe and Asia.Life insurers sell shares in British tech firm to Pa. company via IFAwebnews.
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Homeowners' insurance policy premiums, on average, rose 19% between January and December 2011, according to the 2011 HomeInsurance.com RateReport.Homeowners’ insurance premiums taking 19% more from wallets via IFAwebnews.
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A consulting group found that FINRA's estimate of the cost to create and manage a self-regulatory organization (SRO) for investment advisors (IA) underestimates overhead costs and overestimates IA examiner productivity.FINRA estimate for IA SROs excludes monetary, administrative details via IFAwebne...
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Insurance agency owners say most saw greater profits in the first quarter than in the last year, according to the latest IFAwebnews.com poll.Most insurance agencies seeing better results than last year via IFAwebnews.
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New York has instituted new regulations requiring all life insurers marketing in the state to regularly search a government database of recent deaths, seeking deceased policyholders so beneficiaries who have not made claims can be paid.N.Y. forces life insurers to seek out beneficiaries every three ...
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A Texas appeals court upheld a jury's finding that workers' compensation death benefits must be awarded in the case of a man whose hydrocodone overdose was tied to an workplace injury.Texas court says workers’ comp. death benefits due in overdose case via IFAwebnews.
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Towers Watson, a professional services company based in New York, is acquiring Extend Health, which operates the largest private Medicare exchange in the U.S., as it seeks to expand its retirement services offerings.Towers Watson boosts Medicare offerings with $435M Extend Health deal via IFAwebnews...
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A key ratings service said it “views positively” the draft framework proposed by state insurance commissioners for evaluating reserves of universal life products with secondary guarantees.NAIC’s framework on UL with secondary guarantees seen ‘positively’ via IFAwebnews.
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