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  • Editor's Note

    Leader: We salute you


    “We probably empower our underwriters more than some of our peers do,” says Ulrich Wallin. The flip side, however, is that he pays them less than his peers do too.

  • Editor's Note

    The US ties that bind


    Bermuda knows its future rests with the USA as much as the UK

  • Editor's Note

    Values we should learn from


    In the wake of the financial crisis, the insurance industry has tried to distance itself from the investment banking industry, where the trouble began. And this has meant a return to core values. When it comes to the image of capitalism in general, there is no more prominent champion of ...

  • Editor's Note

    Reflections on the Rendez-Vous


    The outlook among delegates who attended the 2009 Reinsurance Rendez-Vous in Monte Carlo was as sunny as the glorious weather there. The mood is stable, even optimistic. Reinsurers have recovered much of the capital they lost in the financial crisis, and the first half of the hurricane season has been ...

  • Editor's Note

    The crash one year on


    This time last year the financial world was tumbling around our ears, as Lehman Brothers and AIG became high profile casualties of the credit crisis. But one year on, the world as we know it has not vanished. Rumours of the death of capitalism appear to have been exaggerated. It ...

  • Editor's Note

    Impressions of Gibraltar


    The close attention that Peter Caruana, Gibraltar’s Chief Minster, pays to the details of his country’s affairs is shown by the number of green folders on his desk. In fact, they cover several surrounding desks and tops of cabinets too. He is a man of lawyerly manner and old-fashioned politeness, ...

  • Editor's Note

    Fudge in Brussels


    Agreement on Solvency II, the most important piece of legislation affecting European insurers and reinsurers, has finally been reached. But at the cost of a political fudge that leaves out one of the most important parts of the new regime: group support. This crucial component of the original directive had ...

  • Editor's Note

    G20 plays the blame game


    In April the leaders of the G20, the world’s most powerful nations, held a summit in London with the avowed aim of addressing the world economic crisis. One of their main pledges was “to take action against non-cooperative jurisdictions, including tax havens”. The G20 leaders threatened to hit tax havens ...

  • Editor's Note

    Qatar: wish you were here


    It was a great pleasure to visit Qatar in mid March, on the occasion of the MultaQa Qatar conference. Over recent months I have grown too accustomed to a London over which the grey hand of recession hangs like fog. Many friends in financial services have recently lost their jobs, ...

  • Editor's Note

    Don’t run down run-off


    Run-off is not something some people wish to think about. It has the whiff of failure about it. Yet to succeed in the recession, a realistic and tough-minded approach is required. Not panic, but clear and careful thinking. Firstly, and most obviously, the recession argues this. Investment losses are profound. ...

  • Editor's Note

    Don’t blame offshore


    A new wave of regulations is one of the likely consequences of the financial crisis, and the microscope will be focussed on offshore financial centres. During his election campaign, President Obama criticised “corporations that hide their profits offshore”, pointing to Bermuda. Angela Merkel, the German Chancellor, also has offshore in ...

  • Editor's Note

    Coming soon: the hard market


    The reinsurance market appears close to a turning point. Rates typically rise following a major disaster, such as an especially bad series of hurricanes or the terrorist attacks of 9/11. The last market turn was in 2005, when Katrina and other hurricanes caused massive losses. Today, severe losses caused by ...

  • Editor's Note

    Race against time


    The financial world is bracing itself for recession. J.P. Morgan for example expects a contraction this quarter of 4% (on an annualised basis) in the US, 3% in the UK, and 2% in the eurozone. For 2009, it predicts 0.4% global growth, but advanced countries shrinking 0.5% and emerging regions ...

  • Editor's Note

    Back from Monte Carlo


    We find ourselves at a unique moment in financial history. The credit crisis has claimed not only another Wall Street investment bank (Lehman, after Bear Stearns fell last March) but also now AIG, one of the world’s greatest insurance companies. The $85bn loan the U.S. government granted on 16 September ...

  • Editor's Note

    Financial and other storms


    David Sandham analyses the current financial crisis.

  • Editor's Note

    Storm chasers


    It’s that time of year again. On 1 June the North Atlantic hurricane season officially started. As a result, we’ve turned into an industry of storm chasers once again. We may not physically chase storms like the half-crazed enthusiasts racing around in their trucks in Tornado Alley, but we will ...

  • Editor's Note

    Saving for a rainy day


    A message from Global Reinsurance editor Helen Yates

  • Editor's Note

    Exorcising the ghost


    Our bold headline this month “Raising the Titanic” (page 10 onwards) is about the renewed efforts to establish a New York Insurance Exchange, 20 years after the previous attempt failed dramatically. Efforts to establish a “Lloyd’s” in New York in the 1980s came a cropper. The market was seen as ...

  • Editor's Note

    How the mighty fall


    "The moral crusader and ambitious politician has fallen from his lofty pedestal and a lot of people hope it hurts" - Helen Yates, Editor - Global Reinsurance.

  • Editor's Note

    Desert stampede


    The fallout of subprime will be felt more keenly in today's global village than ever before