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.

The proposed sale of Heath Lambert's wholesale operations to Cooper Gay is coming under further pressure as executive opposition to the deal increases at the broker, The Insurance Insider can reveal.

Lloyd's insurer Heritage Underwriting Agency plc has applied to the London Alternative Investment Market (AIM) to cancel admission of its shares to the exchange following closure of its acquisition by Bermudian Argo Group International Holdings Ltd.

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

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

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

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.

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

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.

Former Swiss Re executive Shirley Beglinger has called for collaboration in the industry after it was estimated a quarter of insurers are unprepared for Solvency II.

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.

A New York Federal court has dismissed fraudulent misconduct claims against Cavell USA Inc - an affiliate of Brandywine owner Randall & Quilter - and its chairman Ken Randall brought by US run-off insurers Seaton Insurance Company and Stonewall Insurance

Amlin's head of underwriting Tony Holt has sold £5.77mn worth of company shares - the vast majority of his holding - in a move that may further fuel speculation over his future at the Lloyd's insurer.