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Global Business
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LONDON (Bloomberg)—Beazley P.L.C., a Lloyd’s of London insurer, said its first-half profit more than tripled on higher sales and a foreign-exchange gain. Read more: |
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LONDON (Reuters)—Policyholders of mutual insurer Equitable Life, which nearly collapsed a decade ago, face a £400 million ($612 million) cap on compensation payments for their losses, Britain's coalition government said Thursday. Read more: |
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WARREN, N.J.—The Chubb Corp. posted a 10.1% increase in net income for the first half ended June 30, to $982 million. Read more: |
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Global Business
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WASHINGTON (Reuters)—U.S. Senate Democrats said Thursday they would wait until the fall to take up climate-change legislation, setting the stage for a pitched battle in the weeks before congressional elections. Read more: |
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Many smaller health insurers may be forced to withdraw from the market as a result additional expenses created by the federal Patient Protection and Affordable Care Act, a study by Weiss Ratings predicts. Read more: |
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NEW YORK (Reuters)—Medco Health Solutions Inc. posted a higher-than-expected second-quarter profit Thursday, but its shares fell more than 6% as analysts questioned the strength of the results and also cited pressures on profit margins. Read more: |
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The Dodd-Frank Wall Street Reform and Consumer Protection Act could help U.S. insurers and reinsurers “maintain their competitive positions in the global marketplace,” according to an analysis released Thursday by Standard & Poor's Corp. Read more: |
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WASHINGTON—New federal regulations released Thursday will require health insurers and self-funded employers to speed up the time in which they notify plan enrollees of coverage decisions involving urgent care, among other things. Read more: |
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NEW YORK (Bloomberg)—Travelers Cos. Inc. Read more: |
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HAMILTON, Bermuda—The Bermuda Monetary Authority, the regulator of the financial services sector in Bermuda, on Wednesday appointed Brad Erickson to the role of chief operating officer. Read more: |
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WASHINGTON—The Obama administration announced Wednesday that it opposes legislation likely to receive a House vote on Thursday that would require the National Flood Insurance Program to offer windstorm as well as flood coverage. Read more: |
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Global Business
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The negative effect of the financial crisis on insurers writing errors and omissions coverage and liability cover for directors and officers will be dampened by several favorable factors, according to a new report from Moody's Investors Service. Read more: |
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MONTPELIER, Vt.—Vermont licensed 17 new captive insurance companies in the first six months of 2010, three more than during the same period last year. Read more: |
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The soft property/casualty insurance market continued through the second quarter of the year, according to a survey released Wednesday by the Risk & Insurance Management Society Inc. Read more: |
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COLUMBIA, S.C.—American International Group Inc. policyholders can proceed with a lawsuit alleging that underreporting of workers compensation premiums by the insurer harmed them, South Carolina's Supreme Court ruled. Read more: |
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NEW YORKThe Risk & Insurance Management Society Inc. said it is “disappointed” by Aon Corp.’s decision to again accept contingent commissions. Read more: |
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WASHINGTONPresident Barack Obama signed into law Wednesday a comprehensive financial services regulatory reform measure that creates a Federal Insurance Office within the Treasury Department. Read more: |
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Global Business
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LONDONA U.K. High Court judge this week refused a motion to stay contempt of court proceedings against a senior London market energy broker involved in a noncompete dispute between units of Marsh & McLennan Cos Inc. and Aon Corp. Read more: |
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Global Business
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MANCHESTER, EnglandLaw firm Barlow Lyde & Gilbert L.L.P. has boosted its insurance practice with the recruitment of 17 former partners from Manchester, England-based Halliwells L.L.P., which is being wound up. Read more: |
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Global Business
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NEW YORK (Reuters)—Private weather forecaster WSI Corp. cut its forecast for named storms in the 2010 Atlantic hurricane season on Tuesday but still sees an active season, with water temperatures and wind conditions conducive to violent storms. Read more: |
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Global Business
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CHICAGO—R-T Specialty L.L.C., the wholesale unit formed by Ryan Specialty Group, has made its first acquisition, buying Los Angeles-based Chartwell Independent Insurance Brokers L.L.C., the company said Tuesday. Read more: |
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