Markets: News

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  State Division of Insurance to Report Losses from Boston Marathon Bombings

  By Chad Hemenway, PropertyCasualty360.com  |  May 17, 2013

  The Massachusetts Department of Insurance says it has a data call out to the insurance industry in order draft a report on the April 15 bombings at the Boston Marathon.

• Wells Fargo, QBE Agree on $19.3M Force-Placed Settlement

  By Arthur D. Postal, PropertyCasualty360.com  |  May 17, 2013

  Wells Fargo and QBE have agreed to settle a lawsuit dealing with force-placed insurance policies in Florida involving 24,000 borrowers.

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  U.S. Questionable Claims Referrals Up, Again

  By Chad Hemenway, PropertyCasualty360.com  |  May 17, 2013

  U.S. questionable claims increased 16 percent in 2012, according to the National Insurance Crime Bureau.

• NAMIC Opposes Mandatory Coverage for Gun Owners in D.C.

  By Anya Khalamayzer, PropertyCasualty360.com  |  May 17, 2013

  Under the proposal, the state’s current 2,000 registered gun owners and all future buyers would have to take out a $250,000 policy covering damage from any gun use, even willful and illegal acts.

• S&P Cuts Rating for Buffett's Berkshire Hathaway

  By Jennifer Ablan, Ben Berkowitz and Jonathan Stempel, Reuters  |  May 17, 2013

  Warren Buffett's Berkshire Hathaway Inc. had its credit rating cut one notch by Standard & Poor's, which cited a new methodology for evaluating insurers and Berkshire's dependence on its insurance business for dividend income.

• Overall U.S. Workers Comp Industry 'Encouraging': NCCI

  By Arthur D. Postal, PropertyCasualty360.com  |  May 17, 2013

  Net written premiums in the U.S. workers compensation market increased 9 percent, the second straight year premiums increased, says NCCI.

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  Cause of Fire at West Fertilizer Co. Remains Unknown; Scene Investigation Complete

  By Chad Hemenway, PropertyCasualty360.com  |  May 17, 2013

  After a month-long scene investigation, investigators still do not know what caused the fire that led to a massive explosion at the West Fertilizer Co. in Texas.

• New Medicare Secondary Payer Amendment Proposed

  By Arthur D. Postal, PropertyCasualty360.com  |  May 16, 2013

  Congress is again being asked to amend the Medicare Secondary Payment Act, just six months after enacting reform legislation dealing with the issue, which took five years to pass congressional muster.

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  Allstate Seeks Independent Agents to Sell Branded Products

  By Mark E. Ruquet, PropertyCasualty360.com  |  May 16, 2013

  Faced with attrition in its captive agencies, and a declining number of policies-in-force, Allstate Corp. is turning to a surprising distribution source to drive its brand: independent agents.

• Allstate Estimates $216M in Catastrophe Losses for April

  By Staff Writer  |  May 16, 2013

  Northbrook, Ill.-based insurer Allstate Corp. estimates catastrophe losses for the month of April at $216 million pre-tax and $140 million after-tax.

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  Tornadoes Rip Through North Texas, Causing Extensive Damage

  By Anya Khalamayzer, PropertyCasualty360.com  |  May 16, 2013

  Tornadoes late May 15 in north-central Texas damaged multiple homes, killing six people and injuring 100.

• Zurich Q1 Profits Slip as Reserve Release Declines

  By Alice Baghdjian, Reuters  |  May 16, 2013

  Zurich Insurance Group posted a fall in profits in the first quarter, with lower net releases of reserves compared with the prior year offsetting fewer natural catastrophes.

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  New York State Orders RelayRides to Stop Renting Third-Party Autos

  By Bonnie Cavanaugh, Property Casualty360.com  |  May 16, 2013

  RelayRides, a car-sharing service matching owners with third-party renters, agreed to stop conducting business in New York after Superintendent of Financial Services Benjamin M. Lawsky called its insurance coverage “illegal and inadequate.”

• Emerging Markets Stoking Insurance Growth: Munich Re

  By Jonathan Gould, Reuters  |  May 16, 2013

  Emerging markets will see the highest growth in premiums for insurance companies this year and next, while Europe lags, according to the world's biggest reinsurer, Munich Re.

• Endurance Hires Team to Start Excess Casualty Unit

  By Staff Writer  |  May 16, 2013

  Bermuda's Endurance Specialty Holdings says a new Excess Casualty team is joining the insurer.

• Former AIG Commercial Sales, Marketing Exec Hired as ProspX CEO

  By Chad Hemenway, PropertyCasualty360.com  |  May 16, 2013

  American International Group Inc. has lost another leading executive, this time to a social business platform to help brokers and carriers manage commercial insurance.