Matt, this was your 4th year at the Rendezvous de Septembre in Monte Carlo, can you give us your highlights?
The two main Run-off events, which were the IRLA Breakfast Meeting and the PWC survey of non-life legacy insurance business briefing, had more attendees than ever before. I think this is a further testament of how the legacy market is firmly established in the reinsurance space.
What do you think the biggest opportunities will be in the next 6 months?
Having met with many brokers and intermediaries, the common perception is that deals activity is significant at the moment. In the UK there is an expectation that business will come from the Lloyd’s market in the fourth quarter. In the U.S. the opportunities are more fragmented, but hopefully we’ll see a first IBT transaction in Oklahoma by the end of the year.
What made the 63rd edition different for you?
It has to be the rain (and general lack of umbrellas), a first for me in 4 years!
Duncan, this was your 12th year in Monte Carlo. You joined RiverStone from a live syndicate, 780, how is run-off viewed by the ‘live markets’?
With the increase in technical analysis, capital adequacy and the simple need to make a profit, all the ‘live markets’ we spoke to viewed run-off as a much more strategic function that many are now starting to explore.
Whether companies are looking to release and get more efficient use of capital or just to rid themselves of poor performing areas of the business, they were all very keen to understand the offerings of the legacy space in terms of structures and who the key players are.
How is RiverStone different?
Our ability to perform underwriting actions by skilled practitioners on pseudo-live accounts was seen by all as a key differentiator between us and our competitors. Brokers placing live business never get exposure to our competitors and never discuss legacy issues. Our relationships with brokers and clients on ongoing business will without doubt open doors that our competitors just don’t know exist.
Is there a favourite restaurant you have eaten at in the last 12 years whilst attending the Rendez-Vous?
Anjuna Beach at Eze Bay, partially owned by – and a favourite haunt of – David Evans and Paul Hewson aka The Edge and Bono (U2).