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May 2008/3

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Arab Insurance Group (Arig) has revealed profits more than halved in the first quarter of 2008, compared to the prior-year period.
  • 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.
  • 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.
  • Bermudian PartnerRe has announced two senior management changes to its non-US global operations.
  • 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.
  • Cayman Islands-based reinsurer Greenlight Capital Re revealed its losses more than halved in the first quarter compared to the same period last year.