“A sunny place for shady people” is how the author Somerset Maugham described Monte Carlo. He obviously never went to the Rendez-Vous de Septembre, the annual talking shop of the reinsurance industry. It often rains and the reinsurance people are quite bright. The Monte Carlo RVS has taken place every year, at the beginning of September, for over 50 years. It used to be a relaxed week long get together for European reinsurers and their cedants and a chance to start renewal conversations, some of which took place on luxury yachts in the harbour.

Today, it is an intense four day whirl of meetings, press conferences and cocktail parties that attract senior reinsurance industry executives from all over the world.

In 2001, afternoon meetings were in full swing on 11 September when news began to filter through of catastrophe in Manhattan. For once a hush fell over the Rendez-vous as executives tried to comprehend what was happening in the Twin Towers. Many of those present had friends and colleagues in the buildings.

There is usually plenty to talk about. Often it is hurricanes. In 2005, Hurricane Katrina had just completed its devastating tour of the Gulf coast, and the extent of the flooding in New Orleans was just becoming clear as reinsurance people poured into Monte Carlo to discuss risk pricing.
Usually it is an upbeat affair. As Cannes is to the movie business, Monte Carlo is to the risk business. If you are big in reinsurance, you simply have to be there.
Why Monte Carlo? There are very few places that have so many big hotels crammed together and of the high standard demanded by CEOs, not to mention Michelin-starred restaurants. Also, it is safe. Monaco has more policemen per head than any other country, so no-one has to worry about getting mugged on the short walk between hotels.
The atmosphere during the RVS is not as charged as during the Grand Prix week – but Monte Carlo is still a mad house for the duration of the reinsurance meeting. People start to arrive on Sunday; the lucky ones by helicopter shuttled from Nice airport. Financial journalists pile into press conferences called in hotel salons across town while business people hook up for snatched conversations in hotel lobbies and café bars close to the casino in the centre.
The hub of the RVS from morning until dusk is the Place du Casino. The terrace of the Café de Paris, on one side, is mobbed by reinsurance people desperately trying to find their next meeting in the crush. Push your way through the parked Ferraris to the other side of the Place, up the steps, through the revolving doors and into the magnificent lobby of the exclusive Hotel de Paris where the air is buzzing with industry gossip.
A short walk away, the belle époque salons of the Hotel Hermitage are where more subdued, discrete meetings take place. For those who like a sea view, the vast Piano Bar of the rather more garish Fairmont-Grand Hotel is the place to find a berth.
Starting with an early morning power breakfast, people make absurd demands on their diaries and their constitution: a series of 15 minute meetings back-to-back means there’s no margin for error. Spend too long on pleasantries with that London broker and your schedule is thrown. One more coffee with that Bermuda underwriter and you’ve got caffeine poisoning.
Forewarned is forearmed: be prepared with these Rendez-vous survival tips:

• Men need to pack the smart/casual uniform of chinos and polo shirts. Women will need posh frocks for cocktails and dinner
• Bags a table early in the Café de Paris and keep it all day. But remember to top up the meter, I mean waiter
• Keep your Blackberry charged. People’s plans change and you will need something to do while you wait for no-shows
• Don’t stare at the ‘ladies’ wearing mink coats in the Hotel de Paris even though the temperature outside is 27 deg C
• Do wear a fur coat if most of your meetings are in the aptly named Sporting D’Hiver. The aircon is set at minus 10 deg C
• Pace yourself on Tuesday as the last cocktail party starts at midnight on the terrace of the Hotel Hermitage
• Good places to hide if it all gets too much include Monaco’s Old Town, the Jardin Exotique or Jacques Cousteau’s Oceanographic Museum
• If you can’t be there in person have a virtual Rendez-vous: pay to register and get your name in ‘the book’ anyway. Give your hotel as ‘residence privee’

Keep following the blog as I’ll be posting more entries from Monte Carlo itself. And Lloyd’s will be launching a new report on coastal flooding as part of their 360 thought Leadership program.

Tags: Monte Carlo, Reinsurance

This entry was posted by Garry Booth on Wednesday, August 27th, 2008 at 9:00 am and is filed under Insurance Commentary.