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Daily NewsFlash : February 12, 2013

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Tuesday, February 12, 2013

FEATURE: A Look at How New York Workers Comp Reform Will Impact Carriers, Brokers and Employers

Gov Cuomo & Workers CompNew York Governor Andrew Cuomo in January during his state of the state address announced Workers Comp reform as part of his 2013-2014 fiscal year budget proposal. Immediately after the proposals were announced, industry groups, including the Property Casualty Insurers Association of Amer...

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New Federal Anti-Discrimination Rule Will Spark Litigation, P/C Trade Groups Say

HomeownersRepresentatives of the property/casualty insurance industry are lashing out at a new federal rule that they say could change how homeowners insurance policies are written and may open in...

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Three Rating Firms Face New York Probe

Rating probeThe New York attorney-general has launched an investigation into the mortgage bond rating practices of major ratings companies as a factor in the 2008 financial crisis, a person close to the investigation has said.

The New York probe will look at the

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Libor Scrutiny Widens to Probe Brokers

Libor scandalU.S. regulators are widening their probe of global interest-rate-rigging by scrutinizing what they claim is a pivotal role of two U.K. brokerage firms in the scandal, people close to the investigatio...

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Lloyd's Insures Future with Emerging Rich

LloydsThe Lloyd's insurance market aims to generate at least a quarter of its premium income from developing countries by 2025.

At present the vast bulk of its 23 billion of premiums come from America, the Continent and Britain, but chief executive Richard Ward says he wants countries such as China, Brazil and...

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Wright Flood Making Good Progress on Superstorm Sandy Claims

Wright FloodWright Flood, the nation's largest provider of federal flood insurance has closed 63% of Superstorm Sandy claims filed by its New Jersey policyholders and 61% of the approximately 20,000 Sandy-related flood claims it has received overall.  To date, Wright Flood has paid its policyholders more than one-half...

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MGA Ascent Underwriters Offering Coverage for Emerging Cyber Risks

CyberNewly formed specialist managing general agent Ascent Underwriting has begun offering coverages for emerging cyber risks aimed at the U.S., U.K., Canadian and European markets.

Its first product suite, CyberPro, is modular-based and specializes in nontangible risks such as cloud computing,

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Munich Re Introduces First Performance Guarantee Insurance for LED Modules

Munich Re

Munich Re has introduced ground-breaking insurance coverage with the US lighting company Xicato. Xicato provides its customers with a 5-year performance guarantee on its LED modules for colour consistency and lumen maintenance.

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Marsh Enhances Access to National Flood Insurance Program

MarshMarsh today announced strategic changes to its Flood Service Center (FSC), the industry's only facility solely dedicated to providing clients flood coverage, including through the National Flood Insurance Program (NFIP)...

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