Risk carriers are dreadful pessimists, with a tendency to look for the cloud attached to every silver lining. Historically, this tendency has been a helpful defence mechanism.
After all, the run-off graveyards are littered with the tombs of overly optimistic (re)insurers, so it is perhaps just as well that underwriters generally greet new ventures with a high degree of scepticism.
But there is a fine balance between healthy critique and blind negativity.
Indeed, successfully underwriting any risk requires the ability to make a leap of faith that is ultimately an act of optimism.
Brokers usually display the opposite characteristics. Indeed, some of the best producers seem able to convince themselves that even the most hopeless of causes are not irretrievable.
At this Monte Carlo a similar game is being played out. The brokers are welcoming the second wave of ILS expansion with open arms. Traditional reinsurers aren't quite so keen.
They are looking under the hoods of the new vehicles and are tut-tutting at the engine configuration, while simultaneously kicking at the tyres, which they conclude are perhaps a little thin on tread.
Smart intermediaries can use the new products as a way to capture market share from under their rivals' noses, and therefore have an interest in promoting the new markets.
Meanwhile, reinsurers argue with some justification that brokers don't have any skin in the game and that their positive views should be discounted.
But surely the most successful underwriters will be those that meet the new convergent capital and adapt it to solve age-old problems for mutual benefit?
How about teaming up to bring efficient capacity to bear on California quake, or privatised flood and terrorism schemes across the globe?
In the past decade, the gathering has always started in glorious sunshine, perhaps building up to the occasional storm in midweek.
This year, however, we started with drizzle and showers and the forecast was very poor.
But here we are on Tuesday and the sun has once again made the forecasters and naysayers look like fools.
Greetings from a sunny Monte Carlo. Looks like it's turned out nice again.
Mark Geoghegan
Editor, The Insurance Insider
For all the latest news and analysis from the Rendez-Vous, click here to download The Insurance Insider's Monte Carlo Takeaway 2013