RJ and Makay

Record first-quarter 2011 catastrophe losses have shaken the property casualty industry. Winter storms, severe thunderstorms and tornadoes, including the largest tornadic event in the nation’s history, are pressuring operating results leading into the upcoming hurricane season.

At least 305 tornadoes struck the U.S. April 25-28, making it the largest outbreak in history, according to the National Oceanic and Atmospheric Administration.  Insured losses from the outbreak will be between $3.7 billion and $5.5 billion, according to Boston-based catastrophe risk modeling firm Air Worldwide.  The estimate is based on residential, commercial, industrial and automobile damage, as well as additional living expense and business interruption losses.

Confirmed job offers in the financial services sector were up double digits last month — 16% to be exact, shows new research from pre‐employment firm Powerchex. There were 82% more job offers in investment banking last month than in February, Powerchex also reports.

Stockbroker firms and investment management firms saw considerably increased recruitment levels, too, up 73% and 56% respectively. There were 23% more IT contractor placements in financial services than the previous month. However, recruitment at hedge funds and insurance firms was down 7% in March, according to Powerchex.

Wealthy hedge fund investor John Paulson, who oversees about $35 billion at Paulson & Co, has revealed that his bet on Citigroup generated large profits in 2010. Indeed, the stock rose more than 40%, earning Paulson's hedge fund clients about $1 billion. There are anonymous reports that Citigroup was Paulson's biggest gainer in 2010.

Paulson, who's known for making big contrarian bets, predicted early in 2010 that the economy would recover nicely and the price of gold would jump. He turned out to be right on both counts eventually.