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December 2008 Archives

December 24, 2008

Happy Christmas!!

Alexander Ferguson writes:

Dear Readers of Blog-Re,

Just a note to wish you all a very Merry Christmas.

Thank you for reading this in 2008 - and we can't wait to keep you updated about 2009.

With best wishes,

Alex Ferguson

December 23, 2008

Where's the Good News?

Alexander Ferguson wrote:

If you're like me, then 2008 has been an annus horribilis.

I was going to write a long list of details, but I decided against it. You all know what I'm talking about.

We need some good news this Christmas. We need something to smile about and something to celebrate.

Anyone got any ideas?

December 22, 2008

Elliot Spitzer - the TV Show?

After reading that people in Hollywood are already planning to write about a Bernard Madoff-esque ponzi schemer (to use the SEC jargon), I couldn't help but think: how about Elliot Spitzer: the movie?

Who would star as Hank and Jeffrey Greenberg of AIG and Marsh fame respectively?

And Patrick Ryan, the then head of Aon?

And Spitzer himself?

Any ideas?

By the way, we can also see the scene now in an unnamed Wall Street office:

"I want the truth!"
"You can't handle the truth!"

Sorry, wrong movie....

December 19, 2008

The 12 Days of Reinsurance

“All done?”

In London, those two words are buzzing around the Lloyd’s of London reinsurance fraternity. It’s actually the cockney rhyming slang for “1/1”- that time where the majority of reinsurance renewals are completed and gets everyone looking to Heaven and praying that the loss levels for 2009 aren’t too bad.

One underwriter informed us that in fact the renewals season ends around lunchtime on the 31st of December. Why?

“Any broker who’s coming to your box after lunchtime trying to get a line on the 31st December is probably trying to get reinsurance on a building that’s on fire,” he said, before returning to his work.

Anyway, Reinsurance Towers thought it would be high time for the 12 days of reinsurance – a countdown to the end of the renewals season.

Happy Christmas – and let’s hope for some good news.

12 Senior resignations

11 More Worrying

10% rate increases predicted

9 bn for Dresdner

8 Hurricanes

7…Hundred Aon Benfield workers going

6 Major Downgrades

5 Bottles of Pinot!!

4 Broker mergers

3 Red-faced ratings agencies

2 Many Profit warnings


December 11, 2008

Charity Day: The Aftermath

Alex Ferguson writes:

Just to let you - still recovering a little from the Insurance Christmas Ball - all know that ICAP's Charity Day raised £11m - up from £9.2m a year earlier!

Who says there's a credit crunch where charity is involved??

Money brokers of the world, we at Reinsurance Towers raise our glasses to you!!

December 10, 2008

Dressing in drag?

Alexander Ferguson writes:

Heard the one about the sheikh, the storm trooper, two Amy Winehouses and four Ghostbusters?

No, nor did I: but they were all in evidence at ICAP's Charity Day, where the world's largest (and it is - by size) interdealer broker sends all of its commissions to charity.

It's quite a scene, I promise you - and last year raised millions of pounds for charity. Like last year, the champagne and beverages were flowing - although everyone was sure to be on their best behaviour with VIPs wandering around - including replicas of the cast of Star Wars, who were drafted in for the occasion.

Which gives me an idea: could the reinsurance industry do something like this? Any ideas?

A Fac Broking day, perhaps?

Or a "give all your losses to charity?"

Editor's blog, photo of Mark Geoghegan

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