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Monte Carlo madness

We at Reinsurance Towers have just returned from the Monte Carlo Rendez-vous feeling the worse for wear but happy to see so many of our readers on fine form. Thanks to those of you who spotted our very unsubtly branded t-shirts and came to say hello.

Looking back at the conference I cannot help but remark that it was a relatively subdued affair.

With no catastrophes, natural or otherwise, major acquisitions and very little market shocking news many delegates this year were struggling for topics to discuss other than the standard conversations about rates and business as usual.

However, in the absence of any real scandal or market changing event the gossip thrived. Here are a couple of my personal favorites out of the rumors heard by the Reinsurance crew:

1) Market gossips were spreading the word that Ariel was to be the latest Bermudian reinsurer to be sold to the highest bidder. When Reinsurance caught up with Don Kramer at our 40th Birthday Party he was amused and totally unaware where the rumors had come from: "It's news to me..." he said. However he did admit that the reinsurer may be looking for a way to become a public company. Watch this space...

2) Another rumor circulating suggested that Validus is to make all of IPC's staff redundant. A little bit of exaggeration going on there maybe? Here's the truth about the rumour

3) According to hearsay another Bermudian reinsurer's CEO was walking around the evening parties saying to all and sundry that the business is up for sale for the grand price of $1. A victim of malicious gossip or one two many glasses of bubbly I wonder...

4) However, the prize for the best rumor has to go to a tale that was voiced claiming that a certain Lloyd's representative paid over two hundred thousand euros for his hotel room for the week of the conference. If such a hotel room were to exist I would certainly like to see it!

However Reinsurance can confirm that at least one anecdote floating around the conference was true. Two representatives of a certain global broker did in fact have to be rescued after locking themselves on what is believed to have been a balcony after an afternoon drinking session. The red faced culprits were rescued after their pitiful pleas for help were heard by a journalist and the local security services.

Anyone else hear any good gossip?

For more serious analysis of the news from the Rendez-vous see our website. Yours truly was also wondering around with a video camera scaring executives at the conference and the results of that endeavor should hopefully be up live on the site within the next two weeks.

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