Pension Corp frees up £300m in Munich Re deal
Pension Corporation, the specialist insurer that private equity entrepreneur Edi Truell set up to take on pension schemes’ risks, has offloaded £300m worth of exposure to one of the world’s biggest reinsurers.

AIG boosts its annuity sales as rivals pull back
American International Group is increasing sales of retirement products that offer guaranteed investment returns in a sign of renewed ambition at the insurer that was bailed out by the US taxpayer.

Contractors agree MoD deal to guard Trident base
Private companies will be hired to help look after Trident nuclear missiles in Scotland, the Ministry of Defence has announced. The department has signed a deal worth £148m over the next 15 years with a group of defence contractors including AWE, Babcock and Lockheed Martin to provide support at the Clyde naval base.


Ladbrokes lines up £50m punt on Desmond’s Betdaq
Ladbrokes is understood to be in talks to acquire Betdaq, the betting exchange operator controlled by the Irish tycoon Dermot Desmond in a deal worth up to £50m.

Selling the dream – then leasing it back
Britain’s biggest housebuilder Barratt Developments is poised to sell a portfolio of up to £22.5m of show homes.

The Daily Telegraph

Hotel operator Firmdale sees revenues jump 7.1pc to record high
Firmdale Holdings, the privately owned boutique hotel operator, has booked a 7.1 per cent increase in revenue to a record £74.4m. Seven of the eight properties in the chain are in London, including the fashionable Charlotte Street hotel.

Etihad eyes seat on Aer Lingus board
otel. Etihad, the fast growing Abu Dhabi carrier, would like a seat on the board of Ireland’s Aer Lingus as it builds its own global alliance of airlines.


GM marketing chief is leaving
General Motors is ousting its global marketing chief Joel Ewanick, people familiar with the situation said yesterday, with the abrupt departure marking the latest shake-up in the auto maker’s senior ranks.

Dreamliner engine issue investigated
Boeing and US safety officials are probing an “engine issue” on a 787 Dreamliner after a grass fire during a preflight test.