RISKbitz goes to Monte Carlo Day 1: Celebrity Big Broker is back, and more

RISKbitz goes to Monte Carlo Day 1: Celebrity Big Broker is back, and more

Celebrity Big Broker is back 

Cable channel WXY4001 is proud to announce the welcome return of Celebrity Big Broker, or the Reinsurance Rendez-Vous as it is sometimes known. Each year, a group of celebrities from the world of reinsurance are forced to spend four days holed up in Monte Carlo, with their every move being followed by reinsurance journalists and printed in daily conference newsletters.

Each day, the celebrities must carry out various tasks such as attending parties, having face-to-face meetings, emailing on their Blackberries and trying to stay awake. This year the celebrities include the ever popular Sir Norbert “Nobby” Johnson, Mocha Re’s chief executive and chairman, the less popular Sir Dudley “Dumbo” Duddleston, chief executive of Hoggwartz Global Insurance, and the downright unpopular Burl Juggernaut III, Gollum Re’s chairman, president and CEO.

This year’s tasks include talking coherently and remaining upright whilst being interviewed by Global ReBore journalist Virginia Creeper, not snoring during the main insurance debate, and setting up a rolling cat bond to provide $500m of protection against the multiple occurrence of hurricanes, earthquakes and volcanoes in the US.

The celebrity contestants will then be benchmarked against a similar group of executives for coefficient of variation (standard deviation/mean), correlation, risk parameters, and alcohol intake.

“I’m A Reinsurer, Get Me Out Of Here!” also starts on the same channel, at the same time, with the same people doing more or less the same things but in their swimmers.

Stay ahead with the RISKbitz Rendez-Vous app

RISKbitz has launched a smart phone application for the Monte Carlo Rendez-Vous. With delegates committed to literally hundreds of 10 minute interviews, lunch and dinner appointments as well as power breakfasts, the Rendez-Vous can be a bewildering experience. Never fear, help is quite literally at hand with the all new RISKbitz Rendez-Vous App!

The new app incorporates a diary, an interactive GPS map of the principality, a guide to meeting places, plus BULLbitz – a useful guide to the essential phrases and comments needed in conversation.

The RISKbitz Rendez-vous App effectively tells you where you have to be, at what time and what to say to your meeting partner when you get there.

Imagine the scenario. You are squashed on the corner of a banquette in a dark corner of the lobby of the Hotel de Paris listening to a reinsurance broker drone on about the price of Ferraris when your phone buzzes. “Excuse me old chap, must look at this message,” you say. It’s the RV app warning you that you have 30 seconds to get to the Piano Bar of the Grand Hotel. Using the GPS you sprint through the Casino Sq, knock over several Italian tourists, hurtle past the Café de Paris and fall down the steps into the Grand.

Check the app. There’s a picture of the red-faced person you are meeting. Scan the piano bar. There he is, Steve Grabber of Mega Broker resplendent in company polo shirt, designer Greige chinos, and Italian Faque Mio loafers. Once greeted and seated check the app’s alco units counter to see if you can have a martini. As Grabber recounts his boorish antics in the Casino with Russian hostesses, discreetly check the app for conversation topics.

Your prompts are ready by the time the waiter returns with the drinks and you start:
You: So Steve, do you think the market is at an inflection point?
Grabber: Er...
You: This market is dictated by greed and fear, what do you think?
Grabber: I er...
You: Double dip recession, Katia, Irene, Solvency II, version 11, ILWs, ILS, LoCs, IOUs. It is mad isn’t it Steve?
Grabber: Well, I er...
You (on examining buzzing phone): Steve, I’ve got to rush to my next appointment at Nicky Gnocchi’s in the old town. Can you get the tab? See you next year...
Grabber: Er...

Insurance linked reinsurance poised for growth 

One-hundred-and-fifty years after its inception, the market for insurance-linked reinsurance (ILR) is poised for continued growth as so-called cedants abandon insurance-linked securities and ILWs and instead access what are known as proportional and non-proportional treaty solutions to finance growth, manage their capital and transfer risks related to natural catastrophes and other extreme events, according to Gnome Re’s latest publication.

Aimed at companies wishing to transfer peak risks as well as qualified institutional investors seeking to invest in reinsurers, Gnome Re’s “The fundamentals of Insurance-Linked Reinsurance” offers a comprehensive overview of the structures and features of this growing business, together with a summary of the benefits of ILR from the perspectives of both the insurer and the reinsurer.

Gnome Re, a pioneer in the development of the ILR sector, has underwritten both life and non-life risks. “Insurance-Linked Reinsurance is an integral component of our product offering to clients and we are starting to see increasing demand from a group known as cedants, especially in markets where they don’t know any better.”

Otto Nomaitz, investment analyst with Dosch Partners, said that insurance-linked reinsurance was a good investment in theory. “But I can’t see it catching on with investors. I mean insurers are bad enough, who’s going to invest in a company that gets most of its business from them?”

BRIC markets update for the London market

Brazil: it is incredibly hot and stuffed with attractive women who have interesting haircuts;
Russia: it is incredibly cold and stuffed with gangsters who will kill you as soon as look at you;
India: it is incredibly hot, has good grub and is rubbish at cricket;
China: it is incredibly polluted, has good grub and is rubbish at cricket and football.

London market update for BRIC markets

London: it is incredibly wet and stuffed with unattractive men who have bad haircuts and who live on a diet of burgers and Starbucks lattes

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