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  • Lloyd's (re)insurer Advent Capital Holdings plc fell to a first quarter pre-tax loss of £5.5mn as it was hit by the succession of heavy industrial catastrophe losses this year, together with deterioration on the 2005-07 underwriting years.
  • Bermudian (re)insurer XL Capital Ltd reported a 49 percent drop in net income for the first quarter 2008 on the prior-year period, to $276.9mn or $1.57 per ordinary share.
  • Former Brit Insurance CEO of global markets Mike Sibthorpe is to join rival US-based WR Berkley, The Insurance Insider can reveal.
  • Cooper Gay, the London-headquartered broker currently in talks to buy Heath Lambert's wholesale operations, is mulling the possibility of an initial public offering (IPO) as early as this year, according to reports.
  • Zurich Financial Services Group has grown its M&A practice through the opening of a London office.
  • German insurance giant Allianz SE has acquired a majority stake in two Turkish insurers from Koc Holding in a deal worth over EUR370mn.
  • UK-based wholesale broker Price Forbes & Partners is planning to launch in Bermuda in the second quarter of this year.
  • Peter Harmer, CEO of Aon UK, is to become chairman of the London Market Reform Group (MRG).
  • Everest Re Group saw profits plummet over $200mn in the first quarter of 2008 to $77.9mn compared to the same period last year.
  • Bermudian cat specialist IPCRe reported a rise in first quarter net operating profits from $68.5mn to $92.8mn, despite an active period for natural catastrophe and large risk losses.