Dear friend,

It's nice when people say what they mean and mean what they say, isn't it?

For example who said this?

"I’m very sceptical about acquisitions. I think that most insurance M&A destroys value, and does not create it. You can probably name ten loss-making, value destructive M&A deals in insurance in ten seconds and if asked you to name ten good ones, you probably can’t."

Give up?

It was Chris O'Kane speaking to me early last year.

Well, hats off to someone who puts his money where his mouth is.

Instead of paying over the odds for an incumbent, Mr O'Kane has decided to build his own Lloyd's operation by transferring existing business into the venerable institution.

Hats off to Aspen! (and they managed to keep it a secret too)

This is also another one of theose full-circle moments, back in 2002 Aspen flew out of Wellington and Lloyd's and now it seems at least part of the boomerang has come back