As we sat down in the Fairmont Hotel in the heart of Monte Carlo, our ears were
ringing with talk of new energy market initiatives and Lloyd's syndicates.
The market was as feverish as it has been at any time since the aftermath of Hurricane Katrina.
Except that, far from having an easy-to-follow narrative as was then, the current story is a bittersweet mix of M&A, startup activity and product innovation, countered by pockets of reserve inadequacy, voluntary run-off, low stock valuations, overcapitalisation and capital returns.
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