Dear friend,

It’s been such (largely self-imposed) chaos this morning that I don’t have time for anything more than a brief note.

The Marsh deal came right out of nowhere and got the newsroom chattering.

Pre-Spitzer, Marsh was the first mover bar none in the capital-raising and company formation stakes — what with ACE, XL, Mid-Ocean, Axis and Arch, these guys practically invented Bermuda.

Until suddenly it became politically impossible to be seen to be involved directly in investing in (re)insurance companies, and MMC Capital was spun off as Stone Point.

So it was quite a surprise to see Marsh dive back in to the fray in this way.

And why should they do it now? What has changed between now and 14 months ago?

If you were going to sponsor a start-up all along, why wait? First-mover advantage is long gone.

I know Mr Spitzer is safely ensconced in the Governor’s residence in New York, but surely this is ridiculous.

Clearly it’s not just risk appetite that is back — good ’ole fashioned corporate appetite seems to be making a reappearance too.

Game on! Normal service has been resumed — over to you, Aon.