News in brief

AIG staff hand back bonus

Fifteen AIG executives have agreed to hand back more than $30m (£20.3m) in bonuses. The insurer, which has received more than $170bn in state aid, has paid out $165m in its staff bonus scheme.

35 jobs go at CIS

Co-operative Insurance Services (CIS) is set to axe 35 field-based motor engineers. The company said it had found alternative posts for 10 of the employees and hoped to find roles for more.

Suretrack buys IBP

Suretrack Monitoring, a security tracking and recovery company, has acquired IBP Group for an undisclosed sum. IBP sells security products to retailers and cash-in-transit companies. Suretrack offers products for transportable high-value equipment, such as construction and farm machinery.

Alea moves into profit

Bermuda-based Alea has reported profit after tax of $3.9m (£2.6m) for last year, an improvement from its loss of $78.2m in 2007. Insurance contract liabilities fell 22.5% to $1.2bn at 31 December last year, from $1.55bn at 31 December 2007.

Wills joins Catlin

Patrick Wills is joining Catlin Group as deputy chief investment officer. He will be based in Catlin’s London office and will work alongside Nylesh Shah. The pair will be responsible for managing cash and investments of nearly $7bn (£4.7bn). Meanwhile, Preben Prebensen, Catlin’s chief investment officer since 2007, has left the company to become chief executive officer of Close Brothers Bank in London.