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Daily NewsFlash : July 26, 2013

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Friday, July 26, 2013

P&C Sector Sees Strong Second Quarter

P/C second quarter upEarly second-quarter earning reports from Travelers, ACE Ltd. and other P&C insurers point to solid results driven by reduced catastrophe losses, favorable reserve development and positive pricing movement, according to Fitch.

Early second-quarter earning reports point to solid res...

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Insurance Bill for Renewables Seen Tripling to $2.8 Billion

Renewable EnergyInsurance costs for the renewable energy industry may more than triple to $2.8 billion by 2020 as projects become more complex and risky, a report commissioned by Swiss Re Ltd. found.

The report by Bloomberg New Energy Finance examined markets for wind and solar power including Australia, China,...

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SAC Pleads Not Guilty on Insider-Trading Charges

SAC CapitalSAC Capital Advisors LP, one of the nation's largest hedge-fund firms, on Friday denied charges that it acted as a criminal enterprise and encouraged insider trading by its employees on an unprecedented scale.

Federal prosecutors in Manhattan alleged Thursday that SAC, which has about $14 billion unde...

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New Health Law Poses Risks to Medical Professional Liability Insurers

Medical Professional LiabilityThe U.S. medical professional liability (MPL) market has been profitable in recent years but challenges await MPL insurers because an influx of newly insured patients, coupled with health care delivery system changes, could expand the risks MPL insurers face, the Casualty Actuarial Society (CAS) was ...

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Towers Watson Capital Markets Closes on $60 Million Catastrophe Bond

Towers WatsonTowers Watson Capital Markets, Inc., the wholly owned subsidiary of global professional services company Towers Watson (NYSE, NASDAQ: TW), announced it recently arranged a private placement catastrophe bond, Sullivan Re 2013-1, which closed at $60 million. Sullivan Re represents the first foray into the...

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XL Group, Stone Point Form Investment-Management Company

XLXL Group PLC (XL) and Stone Point Capital LLC formed a new company that will manage investments in insurance-linked securities and other products in reinsurance capital markets.

The firms intend to invest up to $135 million in funds, potentially with third-party investors.

XL Group, which, through subsidiarie...

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Lawmakers Move to Protect Insurers

Dodd FrankA group of U.S. senators is seeking to make sure insurance firms won't have to meet capital requirements intended for banks with new legislation targeting a measure Federal Reserve officials have said puts them in a bind.

The group, which includes Sen. Sherrod Brown (D., Ohio), are introducing legi...

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Chubb 2nd-Quarter Profit Up 43% on Higher Rates, Underwriting Income

Chubb second quarter earningsChubb Corp.'s (CB) second-quarter earnings rose 43% on higher rates and growth in underwriting income.

Chubb, which sells insurance for businesses and high-end homes, also increased its full-year operating income to a range of $7.30 to $7.50 a share from the $6.40 to $6.80 range it provided in ...

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Zach Burdine Joins Swett & Crawford's Casualty and Property Practice Groups

Zach BurdineSwett & Crawford announces the addition of Zach Burdine as Broker to the Casualty and Property Practice Groups in Dallas, Texas. Along with his years of experience, Zach brings his extensive background on wholesale and retail to Swett & Crawford.

Zach has a noteworthy career and was most re...

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