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  • New York state has set its preliminary repair and recovery bill from Hurricane Sandy at $32.8bn, while neighbouring New Jersey has estimated initial losses at $29.4bn including federal aid
  • US insurer Cincinnati Financial has announced $25mn to $35mn in estimated fourth quarter pre-tax cat losses from Superstorm Sandy, a figure that falls significantly below analysts' initial forecasts
  • Financial Stability Board chairman Mark Carney has been named governor of the Bank of England and will take the reins from Sir Mervyn King from June next year.
  • Swiss Re has defended cat modellers for the uncertainty and wide variations in loss estimates for Superstorm Sandy, and instead blamed substandard exposure data for US flood and storm surge.
  • A study commissioned by Lloyd's has estimated that 17 emerging countries are underinsured for natural catastrophe by up to $168.1bn in annualised non-life insurance premium
  • Mary Schapiro, chairwoman of the Securities and Exchange Commission (SEC), is to step down from the role next month after four years
  • Private equity-backed Grosvenor Brokers has completed the acquisition of fellow Lloyd's broking minnow Paul Napier Ltd
  • Qatar Insurance Company SAQ (QIC) and it two main subsidiaries have been given a financial strength rating of A by AM Best reflecting the group's "excellent prospective risk-adjusted capitalisation".
  • Catastrophe modeller AIR Worldwide has revised its estimate for insured losses from Superstorm Sandy to a range of $16bn to $22bn
  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers