May 2008/3

Florida insurance commissioner Kevin McCarty has stayed an order suspending Allstate's ability to sell new business in the state, according to reports.

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.

Brit Insurance Holdings Plc said sub-prime related claims are developing in line with expectations in its interim management statement to investors.

Amlin became the latest Lloyd's insurer to confirm that its premium income is falling amid the softening market conditions.

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.

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.

Independent Services Group (ISG) is to launch a homeowners insurance business in Louisiana after agreeing a deal to buy run-off US insurer Americas Insurance Company (AIC) from insurance services company Whittington Group.

The global (re)insurance industry is likely to emerge relatively unscathed from the Chinese earthquake in Sichuan province, despite economic losses estimated at between $10bn and $20bn.

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.

ACE Group has expanded its presence in the Middle East with the launch of two new subsidiaries.

Arch Capital Group has announced a new chairman and CEO for Arch Worldwide Insurance Group, following news it is to start a $500mn share buyback scheme.