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Daily NewsFlash : January 07, 2013

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Monday, January 07, 2013

Congress Approves $9.7 Billion Aid for Storm Sandy Victims

Federal aid for SandyThe US Congress finally approved emergency disaster aid for victims of Hurricane Sandy on Friday, but only after a delay that sparked East Coast Republican outrage against their own party leadership.

The House voted 354-67 to provide the Federal Emergency Management Agency with $9.7 bi...

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Bank of America Settles Mortgage Headache with Fannie Mac

BankofAmerica mortgage settlementBank of America Corp. reached an $11.6 billion settlement with mortgage-finance giant Fannie Mae to settle a long-running standoff over nearly a decade's worth of home loans, the bank's latest bid to resolve its biggest hangover from the acquisition of Countrywide Financial Corp. five yea...

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Liberty Mutual Looks to Mediate Some Sandy Claims

Liberty Mutual and Sandy claimsLiberty Mutual Insurance is enlisting the help of an independent mediator to help resolve claims stemming from Hurricane Sandy and to potentially shorten the claims-settlement period.

Kenneth R. Feinberg, an attorney with Feinberg Rozen LLP, will be heading up what Liberty ha...

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RenRe Launches $185 Million Retro Vehicle

RenReRenaissanceRe Holdings Ltd. said it's formed Upsilon Reinsurance II Ltd., a new Bermuda-domiciled special purpose insurance vehicle to write collateralized retrocessional reinsurance.

Investors including RenaissanceRe have capitalized Upsilon Re II, and $185 million of fully collateralized...

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Impact Forecasting December Catastrophe Report: Philippines Devastated by Super Typhoon as U.S. and New Zealand Suffer Record Severe Weather

Aon Cat ReportImpact Forecasting, the catastrophe model development center of excellence at Aon Benfield, today releases the latest edition of its monthly Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during December 2012. Aon Benfield is the global reinsurance intermediary an...

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Texas Lawmakers Preparing Bill to Boost TWIA Catastrophic Relief Trust Fund

Texas Windstorm Insurance AssociationTwo Texas lawmakers are ready to offer legislation backed by coastal windstorm officials to provide the Texas Windstorm Insurance Association with long-term funding that would allow it to generate enough money to pay claims from the most severe...

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