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Chartis Reverting Back to AIG Brand Name (Reuters)
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AIG will resume using its brand name in public in a move to recognize the company's turnaround. The Chartis property and casualty business will be known simply as AIG starting this fall, while the SunAmerica life businesses will be known as AIG Life and Retirement.
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Congress Extends National Flood Insurance Program (Associated Press)
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Congress approved a 5-year extension to the National Flood Insurance Program, which covers 5.6 million people. Failure to renew the program would have been a blow to the fragile housing market because potential homeowners in flood-susceptible areas would be unable to close on mortgages or refinance loans.
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J.P. Morgan Risk Models Face Scrutiny (Wall St. Journal)
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Regulators have stepped up scrutiny of J.P. Morgan Chase & Co.'s internal controls by asking the bank to demonstrate that its risk models are designed and working properly, according to people close to the situation.
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Colorado Wildfires Rage On (Denver Post)
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Tens of thousands of people fled the neighborhoods north and west of Colorado Springs after the Waldo Canyon fire unleashed waves of flames yet again. Showers of ash fell as traffic gridlocked on Interstate 25 and all major eastbound roadways, clogged full of evacuees and fire equipment.
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Dallas Hailstorm Losses Could Hit $2 Billion (Reuters)
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Insured losses from the massive hailstorm that struck the Dallas area on Wednesday could reach as much as $2 billion, making it one of the most costly storms of its type in U.S. history, an insurance organization said on Friday.
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Claims From Tropical Storm Debby 'Relatively Light' (Tampa Bay Times)
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The Insurance Information Institute said its member insurance companies in Florida reported "relatively light" claims volume as of Monday afternoon. The biggest homeowners' insurer in Florida, state-run Citizens Property Insurance, and the biggest private insurer, State Farm, gave similar assessments.
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Court Upholds EPA Regulations on Warming (Washington Post)
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A federal appeals court upheld the Environmental Protection Agency's finding that greenhouse gases contribute to global warming and are a threat to public health.
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Senate Bill Would Drive Up Cost of Flood Insurance Programs (Wall St. Journal)
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Vacation homes and commercial properties in flood-prone areas could see their flood-insurance premiums more than double over a four-year period under a bill poised to clear the Senate this week. The Congressional Budget Office estimates the bill would save $4.7 billion by 2021.
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Planner of Mumbai Attacks Arrested (BBC)
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Police in the Indian capital, Delhi, say they have arrested a key figure allegedly involved in the planning of the deadly Mumbai attacks of 2008
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Madoff Victims to Receive Payouts in Three Years (Associated Press)
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Investors in four funds that lost more than $1.2 billion in Wall Street swindler Bernard Madoff's Ponzi scheme will receive $405 million in payouts over the next three years, New York's attorney general said.
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With Safety Fears, Football Faces Uncertain Evolution (New York Times)
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Because of injury risk, some say that football could evolve from lucrative American colossus to a niche sport beloved for its brutality.
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Tropical Storm Debby Pounds Florida (Huffington Post)
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Tropical Storm Debby spun drenching rains Monday over northern Florida as it hung nearly stationary over the Gulf of Mexico, making its biggest threat flooding rather than winds.
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Rising Sea Levels Put US Coast at Risk (AFP)
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The sea level on a stretch of the U.S. Atlantic coast that features the cities of New York, Norfolk and Boston is rising up to four times faster than the global average, increasing flood risk.
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More Evacuations Ordered in Colorado As Winds Raise Fire Threat (USA Today)
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Containment has reached 45 percent, and a fire line has been built around an area of the fire that jumped north of the canyon and burned 200 acres a few miles from Glacier View Meadows. But the fire's growth potential remains "extreme."
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Former Goldman Sachs Director Convicted in New York (Associated Press)
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A former Goldman Sachs director accused of feeding confidential information to a corrupt hedge fund manager has been convicted of conspiracy and three counts of securities fraud.
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