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Daily NewsFlash : January 11, 2013

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Friday, January 11, 2013

2011 Joplin Tornado Losses Could Reach $2 Billion

Joplin tornadoState regulators say insurance claims from the May 2011 Joplin tornado are likely to reach $2 billion.

The tornado killed 161 people, injured hundreds of others and damaged or destroyed thousands of homes and businesses.

The Joplin Globe reports that as of Oct. 31, insurance companies had paid out ...

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Cuomo Pushes Workers' Comp, Unemployment Insurance Reform

Gov CuomoGov. Andrew Cuomo's proposal to reform workers' compensation and unemployment insurance will help cities and towns balance their budgets as they struggle with state limits on property tax increases, said New York State Transportation Commissioner Joan McDonald on Thursday.

"He knows the property tax cap...

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Liberty Mutual Plans to Phase Out Its Regional Insurance Brands

Liberty MutualLiberty Mutual, one of the largest insurance companies in the country, plans to phase out its regional brands this year, including Peerless Insurance in the Northeast, so it can focus on using the Liberty Mutual brand nationwide.

In addition to Peerless, the Boston insurance giant is also eliminating ...

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MF Global Customers to Get Increased Payments

MF GlobalCustomers of MF Global Holdings Ltd. will get a significant chunk of money back in coming months, according to projections made by a trustee in a court filing made public Thursday night.

Trustee James Giddens, who represents customers of the failed firm's brokerage unit, said in the filing that MF Global ...

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U.S. Suspects Iran Behind Cyberattack on Banks

Cyberattacks on banksThe attackers hit one U.S. bank after the next. As in so many previous attacks, dozens of online banking sites slowed, hiccupped or ground to a halt before recovering several minutes later.

But there was something disturbingly different about the wave of online attacks on U.S. banks in rece...

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AIG Obtains $400 Million of Reinsurance Coverage

AIGAIG announced that it has entered into a reinsurance transaction with Compass Re Ltd., which will provide $400 million of peak-zone protection against U.S. hurricanes and earthquakes. To fund its potential obligations to AIG, Compass Re Ltd. issued a $400 million catastrophe bond in a single tranche.

The transaction clo...

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