Dips at Paris Re
Paris Re’s net operating income dipped to $61m (£43.5m) for the fourth quarter of 2008, compared with $67.9m for the same period in 2007. Net operating income for the whole year was also down at $158m ($271.7m in 2007). Gross written premium (GWP) for the fourth quarter in 2008 fell to $61.7m from $129.2m for 2007. The reinsurer said the slump in GWP was due to reduced writings in facultative lines and catastrophe exposure in some regions.
M&S rejoins confused.com
The aggregator Confused.com has confirmed that Marks & Spencer is returning to its home insurance panel. The price comparison site said M&S was now underwritten by AXA, after switching from Aviva. Peter Ablett, the site’s commercial director, said the return of M&S would strengthen Confused.com.
£17.5m for Heath Lambert
Broker Heath Lambert has reported earnings of £17.5m for 2008 before interest, tax, depreciation and amortisation (EBITDA). The London-based international broker also generated revenue of £100m from continuing operations. Adrian Colosso, its chief executive, said the company would continue to focus on clients’ needs while building on its core strengths.
AIG court orders issued
Andrew Cuomo, New York’s attorney-general, has issued subpoenas for the names and details of AIG staff who shared $165m (£117.8m) in bonuses (see page 14). In a letter to the insurer, Cuomo wrote: “Covering up the details of these payments breeds further cynicism and distrust in our already shaken financial system.”