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For more than 30 years the Professional Insurance Marketing Association
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At our upcoming Practical SOA event co-located with the ACORD LOMA 2008 Conference in Las Vegas, NV on May 16, 2008, learn about:
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1.
U.S. Medicare To
Tighten Rules For Private Plans |
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Thu May 8, 2008
1:22pm EDT WASHINGTON, May 8 (Reuters) - Companies that sell
Medicare Advantage plans would have to modify sales commissions
to stop salesmen from switching beneficiaries to a new plan each
year to earn the highest possible fee, a U.S. government agency
proposed on Thursday.
The U.S.
Centers for Medicare and Medicaid Services (CMS) also said it
plans to ban cold-calling and door-to-door solicitation by the
companies to sell the Medicare Advantage plans.
A 2003 law
created the Medicare Advantage program, in which companies like
Humana Inc (HUM.N: Quote, Profile, Research) and UnitedHealth
Group (UNH.N: Quote, Profile, Research) contract with Medicare
to sell private fee-for-service or managed-care plans to
beneficiaries. Under traditional Medicare, the government pays
for care through a system letting beneficiaries choose doctors
and hospitals.
Enrollment in
Medicare Advantage plans totaled about 9.2 million in January,
out of a total 44 million elderly and disabled individuals
covered by Medicare. The government spends about $400 billion
annually on the overall Medicare program.
CMS said it
proposed imposing stricter regulations on the Medicare Advantage
plans after taking a closer look at how the plans are marketed.
In recent months, lawmakers have questioned whether the plans
are cost-effective or are simply a way for insurers to make
money at the government's expense.
"The Medicare
Advantage program is a valuable source of enhanced benefits and
coordinated care for beneficiaries, and it should not be
undermined by the actions of a limited number of unscrupulous
sales agents," Kerry Weems, acting CMS administrator, said in a
statement.
A key step will
be requiring companies that sell Medicare Advantage programs to
revamp commissions paid to sales agents and brokers so that
commissions are level across all years and across all product
types, the CMS said.
"These
requirements are designed to discourage 'churning' of
beneficiaries from plan to plan each year in a manner that earns
agents and brokers the highest commissions, and would ensure
that beneficiaries are receiving the information and counseling
necessary to select the best plan based on their needs," it
said.
A group
representing insurance companies, America's Health Insurance
Plans, said it supported stronger federal oversight of Medicare
Advantage marketing activities. "This is an important step to
ensure beneficiaries can rely on the information being provided
to make the Medicare coverage decisions that are right for
them," it said in a statement.
Humana, whose
Medicare Advantage sales force is paid by salary rather than
commissions, stands to benefit from the regulatory changes,
according to a research note issued by Wachovia Capital Markets
analyst Matt Perry. "This would give Humana a distinct advantage
versus peers that rely more on broker-driven sales," it said.
The CMS also
plans to prohibit Medicare Advantage sales pitches at
educational events such as health information fairs and
community meetings, or in medical office waiting rooms.
Insurance
companies, consumer groups and others have until July 15 to
offer suggestions or comments to the CMS on its proposal. The
agency will review public comments before finalizing changes in
the regulations.
Shares of
Humana were 1 percent lower to $46.20 while UnitedHealth was up
1.3 percent to $33.08 in afternoon trading on the New York Stock
Exchange. (Reporting by Julie Vorman; editing by Tim Dobbyn)
© Thomson
Reuters 2008 All rights reserved |
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2.
MBIA Sues Insurers For
"Defense" Costs |
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NEW YORK, May 7 (Reuters) - MBIA (MBI.N: ), the world's largest bond
insurer, sued two of its own insurers on Wednesday, accusing them of
refusing to pay for defense costs stemming from regulators' probes.
MBIA wants the insurers to cover its "total defense costs" from
investigations by the U.S. Securities and Exchange Commission and the
New York State Attorney General, as well as from a shareholders' lawsuit
and separate class-action lawsuit, according to the lawsuit, filed in
the U.S. District Court in Manhattan.
In
January 2007, MBIA agreed to settle the probes with the SEC and the New
York State Attorney General for $75 million and to name an independent
consultant to review its accounting procedures.
MBIA had Directors and Officers liability insurance policies with
Federal Insurance Company, a unit of Chubb Corp (CB.N: ), and ACE
American Insurance Company, a unit of Ace LTD (ACE.N: ), the lawsuit
said.
The policy with Federal Insurance was to cover the first $15 million of
defense costs, subject to a $2.5 million deductible; and the one with
ACE was to cover the next $15 million, the lawsuit said.
MBIA defense costs have "greatly exceeded the $15 million limit" it said
in the lawsuit, but it said it has received $6.4 million from Federal
and nothing from Ace.
Calls to Federal and ACE for comment were not returned.
The lawsuit said the two insurers were also withholding their approval
of an offer to settle a class-action lawsuit and were refusing to pay
defense costs from two derivative shareholder suits that have been
dismissed. (Reporting by Leslie Gevirtz; Editing by Toni Reinhold)
©
Thomson Reuters 2008 All rights reserved |
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3.
HSBC Admits Losing Data
Of 159,000 Account Holders |
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HONG KONG (Reuters) - Global banking group HSBC (0005.HK: ) (HSBA.L: )
has admitted to losing a computer server with the transaction data of
159,000 account holders in Hong Kong branch, sparking anger among some
customers who closed accounts.
The bank said it had lost track of the server during renovation work at
a Kwun Tong district branch in east Kowloon on April 26. Police say the
server was stolen and they are still investigating the case.
The data on the server includes account numbers, customer names,
transaction amounts and transaction types, but does not contain any
customer PINS, passwords or user IDs, the company said in a statement.
"The server is protected by multiple layers of security. The risk of
data leakage and fraudulent transactions resulting from the loss of the
server is deemed to be low," it added.
(Reporting by James Pomfret; Editing by Ken Wills)
©
Thomson Reuters 2008 All rights reserved |
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4.
Munich Re, Old Mutual
And RSA Flag Tough Mkt |
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By
Simon Challis and Jonathan Gould
LONDON/FRANKFURT (Reuters) - European insurers Munich Re (MUVGn.DE: ),
Old Mutual (OML.L: ) and Royal & Sun Alliance (RSA.L: ) warned that
market conditions would be tough this year, due to rising competition
and turbulent financial markets.
Insurers are facing a tougher outlook, as competition in the non-life
market intensifies while turbulent financial markets are hitting their
investment income and sales of life products.
(Additional reporting by Clara Ferreira-Marques; Editing by David Cowell)
©
Thomson Reuters 2008 All rights reserved |
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5.
Unusually Warm
Sea-Surface Temperatures Produce an Early—and Deadly—Cyclone in the Bay
of Bengal |
|
BOSTON, May 7, 2007-- Late on Friday, May 2, 2008, local time, a deadly
cyclone struck Myanmar near the densely populated Irrawaddy River
Delta—the country's main rice-growing region. Dubbed "Nargis," the storm
brought gusts of up to 155 mph and some 20 inches of rain, and passed
within 30 kilometers of Yangon, the nation's largest city and former
capital. In addition to wind and rain, a 12-foot storm surge inundated
50% of low-lying homes in an area occupied by nearly 2.5 million people.
In the end, Friday's cyclone is estimated to have killed at least 20,000
people—and there are suggestions that this number may yet rise
considerably. It left a million more homeless, without food and water
“The North Indian Ocean generates about four tropical cyclones each
year,” said Dr. Peter Sousounis, senior research scientist at AIR
Worldwide. “But, over the last 30 years, there has been a significant
increase in the number of Category 4 and 5 storms (Saffir-Simpson
Scale). For example, during the period 1975-1989, there was only one
such storm, representing 8% of the total number of tropical cyclones
during that period. During the subsequent 15 year period (1990-2004),
there have been seven such storms, or 25% of the total. Last year alone
saw two such intense storms. Sea-surface temperatures in the North
Indian Ocean have increased about 0.4°C over the last 30 years. This
year, water temperatures in the Bay of Bengal during the last week of
April, when Nargis was forming, were already over 30°C, about one degree
warmer than normal.”
In
addition to wind and rain, a 12-foot storm surge inundated 50% of
low-lying homes in an area occupied by nearly 2.5 million people. In the
end, Friday's cyclone is estimated to have killed at least 20,000
people—and there are suggestions that this number may yet rise
considerably. It left a million more homeless, without food and water,
prompting the local government to declare five regions in Myanmar
disaster zones: the Irrawaddy delta, the cities of Yangon and Pegu, and
the states of Karen and Mon.
For more information, contact:
Kevin Long,
617-267-6645, klong@air-worldwide.com
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610-526-1366 -
-
www.theamericancollege.edu/MSM
|
6.
RMS Commentary On
Impacts Of Cyclone Nargis |
|
Cyclone Nargis made landfall in the Irrawaddy delta region in Myanmar
with maximum sustained winds near 132 mph (213 km/hr), the equivalent of
a category 4 storm on the Saffir Simpson Hurricane Scale. As the
cyclone tracked inland it moved directly over the former capital and
largest city in Myanmar, Yangon, on Friday night with maximum sustained
winds near 80 mph (130 km/hr), the equivalent of a category 1 storm on
the Saffir Simpson Hurricane Scale.
Domenico del Re, senior model manager at RMS, said: “This event is a
massive humanitarian disaster. However, it is a catastrophe that the
international insurance industry has escaped. Insurance is greatly
underdeveloped in Myanmar, with no international insurance brokers
operating in the area and non-life premiums of barely 5 million USD in
2004. Disasters such as these should be taken as a wakeup call to the
global insurance industry, as companies extend their portfolios outside
areas where the understanding of risks and their quantification is
well-established.
“Given the isolation of the country, international investment in Myanmar
is also very limited. The most significant foreign interest in the
region is a large gas field in Yadana, which generates millions of cubic
feet of gas a day and is close to the path of the cyclone, but it is not
yet known whether the production has been interrupted.”
www.rms.com. |
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7.
I.I.I. Offers
Statistics On World Catastrophes |
|
New York, May 7 - The death toll from the May 2008 cyclone that hit
Myanmar is expected to be in the tens of thousands. This disaster will
be the deadliest since December 2004, when a tsunami swept across South
Asia.
Following is chart of the deadliest catastrophes worldwide:
THE TEN DEADLIEST WORLD CATASTROPHES, 1970-2007
Rank
Date
Country
Event
Victims
(1)
1
Nov. 14, 1970
Bangladesh
Storm and flood 300,000
2
Jul. 28, 1976
China
Earthquake (magnitude 7.5)
255,000
3
Dec. 26, 2004 Indonesia,
Thailand et al.
Earthquake (magnitude 9), tsunami in Indian Ocean
220,000
4
Apr. 29, 1991
Bangladesh
Tropical cyclone Gorky
138,000
5
Oct. 8, 2005 Pakistan, India, Afghanistan Earthquake (magnitude 7.6); aftershocks, landslides
73,300
6
May 31, 1970
Peru
Earthquake (magnitude 7.7); landslides
66,000
7
Jun. 21, 1990
Iran
Earthquake (magnitude 7.7); landslides
40,000
8
Jun. 1, 2003 France, Italy, Germany at al. Heat wave and drought in Europe
35,000
9
Dec. 26, 2003
Iran
Earthquake (magnitude 6.5) destroys 85% of Bam
26,271
10
Dec. 7, 1988
Armenia, ex-USSR
Earthquake (magnitude 6.9)
25,000
(1) Dead and missing.
Source: Swiss Re
For more information on global catastrophes, go to
http://www.iii.org/media/facts/statsbyissue/catastrophesglobal
For more information on insurance, go to the I.I.I. Web site
http://www.iii.org |
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|
8.
Earthquake Rattles
Buildings In Downtown Tokyo
|
|
BOSTON, May 8, 2008 -- A strong earthquake struck just off the Japanese
island of Honshu yesterday at 13:00 UTC, rattling buildings in downtown
Tokyo and briefly cutting power to thousands of residents 48 kilometers
to Tokyo's northeast, in Tsukuba City (population 207,000). The USGS
reported a preliminary magnitude of 6.8 for the event and a depth of 35
km. It was one in a series of quakes, including an M6.2 foreshock and
multiple M5+ aftershocks—all occurring within about four and a half
hours.
Because earthquake insurance penetration in Japan is relatively low
(ranging between 14%- 17% nationwide) and because this event occurred
offshore, AIR does not expect significant insured losses from this
event.
For more information, contact: Kevin Long, 617-267-6645,
klong@air-worldwide.com
|
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|
9.
Survey Finds Small
Businesses Spending Work Comp Dollars Without Knowing What They're
Buying |
|
RENO, Nev., May 6, 2008 /PRNewswire via COMTEX/ -- Too many small
business decision-makers appear to be spending money on workers'
compensation insurance coverage without understanding how workers'
compensation insurance works, what they get for their premium payments,
or why they continue coverage with a particular carrier, according to a
recent national survey conducted by a leading workers' compensation
carrier.
The survey by EMPLOYERS(R) found that a significant 14% of small
business owners and executives could not name their insurer. In the
survey, 13% admitted they do not understand how workers' compensation
insurance protects employees with work-related injuries, or how their
coverage can protect their small business's bottom line against
catastrophic claims.
Additional information and additional survey results are available by
visiting http://www.employers.com.
|
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|
11.
Notice of Pendency of
Class Action and Proposed Settlement, Motion for Attorneys’ Fees and
Settlement Fairness Hearing Involving HCC Insurance Holdings, Inc.
Announced by Labaton Sucharow LLP |
|
NEW YORK--(BUSINESS WIRE)--The law firm of Labaton Sucharow LLP
announces the pendency and proposed settlement of a class action on
behalf of those who purchased or otherwise acquired HCC Insurance
Holdings, Inc. (NYSE:HCC) securities.
www.strategicclaims.net
www.labaton.com |
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|
12.
Successful Retirement
Ranks High Among Financial Goals for Hispanic Americans |
|
NEWARK, N.J.--(BUSINESS WIRE)--Today, Prudential Financial, Inc. (NYSE:PRU)
released a new survey on the financial attitudes and behaviors of
Hispanic Americans. According to the Hispanic Americans on the Road to
Retirement research report, retirement is very much on the radar of
middle-class Hispanic Americans – a vast majority of whom have taken
steps to provide for their futures.
Nearly all of those surveyed (90%) acknowledge that retirement security
is an important goal, and two-thirds (64%) have savings earmarked for
retirement. Not only are 81% of households with an annual income greater
than $50,000 putting aside money for retirement, but 45% of that group
have already saved $100,000 or more toward their golden years. The
survey also found that most of those polled are willing to defer
retirement to gain greater financial security. www.prudential.com |
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|
13.
Phyhealth Signs
Agreement with Argus Dental to Provide Dental Services for Pilot HMO |
|
MIAMI, May 8 /PRNewswire-FirstCall/ -- Physicians Healthcare Management
Group, Inc. (Phyhealth) (Pink Sheets: PHYH), a developer of health
maintenance organizations (HMOs) in partnership with physicians, today
announced that Phyhealth Plan Corporation, a wholly-owned subsidiary of
Phyhealth, has signed an agreement with Argus Dental of Tampa, Florida
to provide dental services for its Pilot HMO scheduled to be launched in
the latter half of 2008. |
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14.
NationsHealth and CIGNA
Extend Preferred Vendor Agreement Through 2012 |
|
SUNRISE, Fla.--(BUSINESS WIRE)--NationsHealth, Inc. (OTCBB:NHRX) (“NationsHealth”
or the “Company”) today announced that NationsHealth and CIGNA have
amended and restated the agreement under which the Company provides
services for CIGNA’s Medicare Rx Medicare Part D Prescription Drug Plan.
The amended and restated agreement extends the term through September
30, 2012, with automatic renewals for additional one-year periods
thereafter. http://www.nationshealth.com |
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|
15.
Administaff Announces
Launch of BizTools.comSM |
|
HOUSTON--(BUSINESS WIRE)--Administaff, Inc. (NYSE:ASF), a leading
provider of human resources (HR) services for small and medium-sized
businesses, today announced the launch of BizTools.com, an online
business resource providing entrepreneurs and business owners with a
single destination to access a broad range of relevant information and
tools.
BizTools.com offers entrepreneurs and business owners the capability to
narrow search results dramatically and access content that has been
reviewed by researchers who separate the relevant from the irrelevant.
The site features a collection of invaluable business tools, case
studies, white papers and articles, allowing for more informed business
decisions.
http://www.administaff.com |
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|
16.
Major Initiative to
Ease Health Care Workforce Crisis Receives Overwhelming Support |
|
Top associations join the ASAE & The Center for Association Leadership
and the AHA to addresses health care worker shortages
WASHINGTON--(BUSINESS WIRE)--The American Society of Association
Executives & The Center for Association Leadership (ASAE), and the
American Hospital Association (AHA), today announced that leading health
care associations have joined in support of the National Healthcare
Career Network (NHCN)
www.nationalhealthcarecareernetwork.com. ASAE and AHA are founding
partners of the NHCN, an initiative prompting health care associations
to expand their role in the health care recruitment process.
According to the U.S. Department of Labor’s Bureau of Labor Statistics,
health care job vacancies are reaching crisis levels – now indicating
critical shortages of specialized health care workers including
physicians, nurses, operating room and allied health personnel.
www.aha.org |
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|
17.
Pacific Life Helps
Clients Catch up on Retirement Savings |
|
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--With investor concerns about
market fluctuations, not saving enough for retirement, and outliving
assets, Pacific Life Insurance Company has launched a new bonus variable
annuity.
Pacific Value Edge provides clients with an immediate credit of either
6% or 8%, depending on the amount of the initial purchase payments
(investments). Investments less than $100,000 will earn a 6% credit, and
investments $100,000 and greater will earn an 8% credit. This credit
provides a “jump start” and can help those who are behind in saving and
have less than 10 years until retirement income is needed.
“What other investment can turn $100,000 into $108,000 in one day and
offer options that can provide principal protection and lifetime
withdrawals?” adds Kathleen McWard, Pacific Life vice president of
marketing, Annuities & Mutual Funds Division.
www.PacificLife.com |
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|
18.
Family Care Registered
in Texas as a Discount Health Care Card Program |
|
HOUSTON, May 8 /PRNewswire/ -- Family Care adds yet another registration
to the already 15 registrations and licenses it currently holds. On May
5, 2008, the Texas Department of Licensing and Regulation registered the
company as a Discount Health Care Card Program Organization, which makes
Family Care one of the first 10 companies to gain registration in Texas.
Family Care remains committed to being in the forefront of the discount
health care industry.
http://www.familycarecard.com |
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|
19.
Weekly U.S. Mortgage
Rate Survey
|
|
U.S NORTH- SOUTH- NORTH- SOUTH- WEST
AVG. EAST EAST CENTRAL WEST
30-YEAR 6.05 6.10 6.04 6.04 6.08 6.04
FEES/PTS 0.3 0.2 0.3 0.3 0.2 0.5
15-YEAR 5.60 5.65 5.57 5.58 5.60 5.60
FEES/PTS 0.3 0.2 0.3 0.3 0.2 0.5
5-YR ARM 5.67 5.68 5.67 5.62 5.76 5.66
FEES/PTS 0.5 0.5 0.5 0.4 0.4 0.5
1-YR ARM 5.29 5.35 5.29 5.29 5.33 5.25
FEES/PTS 0.6 0.4 0.8 0.5 0.2 0.7
© Thomson Reuters 2008 All rights reserved |
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20.
INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
|
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 |
 |
Tibetan woman holds Olympic flame atop Everest.
Norbu Zhamdu (L) lights the Olympic torch of the first torchbearer Gegyi
with a kindling at the top of the 8844.43 meters (29,028 feet), summit
of world's highest mountain Mount Everest, also known as Qomolangma, in
Tibet Autonomous Region, May 8, 2008 in this picture distributed by
China's official Xinhua News Agency. REUTERS/Xinhua/Chagxi Cering
Read Entire Story!!! |
 |
Sharpton and others arrested in N.Y. shooting
protest. Reverend Al Sharpton (L) and Nicole Paultre Bell (C), Sean
Bell's fiancee, are led through a crowd of police officers after being
arrested for leading a demonstration to protest the acquittal of three
city police officers in the 2006 shooting death of Sean Bell in New
York, May 6, 2008. Bell was shot and killed by the officers on his
wedding day after leaving his bachelor party. REUTERS/Keith Bedford
Read Entire Story!!! |
 |
Former Russian President Vladimir Putin walks up
stairs after a ceremony of inauguration in Moscow's Kremlin May 7, 2008.
Dmitry Medvedev was sworn in as Russian president on Wednesday and
nominated his predecessor Putin as prime minister, ushering in an
unprecedented period of dual rule. REUTERS/Pool |
 |
Italy's new Prime Minister Silvio Berlusconi
attends his swearing-in ceremony at the Quirinale palace in Rome May 8,
2008. Berlusconi took office as prime minister on Thursday for a third
time in his political career after forming one of Italy's most
right-wing cabinets since World War Two. REUTERS/Chris Helgren (ITALY) |
 |
The Belem leaves the port of La Rochelle,
southwestern France May 8, 2008. The crew of the Belem, together with
the rest of the Grande Traversee flotilla, set sail from La Rochelle on
their transatlantic voyage to the city of Quebec. REUTERS/Regis Duvignau
(FRANCE) |
 |
Pilgrims from the Triana brotherhood ride in a
carriage as they make their way to the shrine of El Rocio in Seville,
Spain, May 7, 2008. Every spring hundreds of thousands of devotees
converge at the shrine to pay homage to the Virgin del Rocio during an
annual pilgrimage which combines religious fervour and festive colour.
REUTERS/Marcelo Del Pozo |
 |
A painting by Marc Chagall, "Scene Paysanne" was
auctioned off to a bidder for $1.2 million at the Sotheby's
Impressionist & Modern Art Evening Sale in New York City, May 7, 2008.
American art collectors defied a sinking U.S. economy on Wednesday,
making up nearly 70 percent of buyers at a Sotheby's New York sale that
saw records smashed for work by artists Edvard Munch and Fernand Leger.
REUTERS/Joshua Lott (UNITED STATES) |
 |
Dancers from the Fire of Anatolia stage the Troy
(Troya), a show portraying the Trojan War in Istanbul, May 6, 2008. The
Troy (Troya), a musical show created by art director Mustafa Erdogan of
the Fire of Anatolia, to portray Trojan war between Trojans and Greeks
dated from 1194 to 1184 BC,is being staged with mixture of various
traditional dances from Anatolia. The show was inspired from the epic of
Iliada of Homeros. Picture taken May 6, 2008. REUTERS/Fatih Saribas
(TURKEY) |
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