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May 2008/3
  • First court appearance for Marsh and UIB in aviation poaching dispute
    The two broking firms involved in a David and Goliath-style legal tussle over alleged aviation staff poaching and use of confidential information appeared in court last week.
    19 May 2008
  • PARIS RE loses in dollar move
    Foreign exchange losses sent PARIS RE to a $129.5mn first quarter net loss under IFRS reporting, against a comparable prior-year period net profit of $35.7mn.
    19 May 2008
  • European investors take 40 percent of Japanese quake bond
    Munich Re Capital Markets placed "just under 40 percent" of the $300mn Muteki cat bond, revealed by our sister publication Trading Risk last week, with investors in the European Union and Switzerland.
    19 May 2008
  • Towergate announces £166mn group profit
    Towergate Partnership has revealed 2007 group profit of £166mn on the basis of earnings before investment, tax, depreciation and amortisation (EBITDA), which includes income from Payment Shield, Open GI, and The Broker Network.
    19 May 2008
  • Sullivan gets AIG vote of confidence
    American International Group (AIG) CEO Martin Sullivan was given the vote of confidence by the company's board last week, despite growing pressure from investors after two consecutive quarters of record losses.
    19 May 2008
  • Private equity targets second round of RBSI auction
    Private equity firms may team up with potential trade buyers to bid for Royal Bank of Scotland’s insurance division (RBSI) at a later stage in the bid process after being blocked from entering the first round of bidding.
    19 May 2008
  • Arig Q1 profits slump on investment returns
    Arab Insurance Group (Arig) has revealed profits more than halved in the first quarter of 2008, compared to the prior-year period.
    19 May 2008
  • Chaucer's Q1 investment performance hit by market turmoil
    The investment portfolio of listed-Lloyd's insurer Chaucer Holdings plc returned a loss in the first quarter as it was hit by the continued global economic and credit turbulence.
    19 May 2008
  • Catlin on track for full-year forecast despite Q1 claims
    Catlin Group Ltd is on track for its full-year forecast, as premium income remains flat in the first quarter of 2008, according to Numis Securities.
    19 May 2008
  • PartnerRe names new global CEO and chairman
    Bermudian PartnerRe has announced two senior management changes to its non-US global operations.
    19 May 2008
  • Aspen in $300mn share buyback
    Aspen Insurance Holdings Ltd has announced a $300mn share buyback, which will include a deal to repurchase around 4.1 million shares from one of its founding private equity backers, Candover Partners Ltd.
    19 May 2008
  • Greenlight Re Q1 losses decrease
    Cayman Islands-based reinsurer Greenlight Capital Re revealed its losses more than halved in the first quarter compared to the same period last year.
    19 May 2008
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