Events

Monte Carlo report

14 September 2009


A somewhat subdued but by no means sombre mood summed up the Monte Carlo Rendezvous this year. A number of parties were cancelled, most notably the ever-popular Aon bash on the Sunday night, on the grounds that such seemingly lavish expense was deemed to be inappropriate. On the other hand there were fewer people to be disappointed by this reduction in hospitality, since numbers were undoubtedly down – to the tune of several hundred according to the organisers. However, there were compensations – for example, hangovers were far less in evidence in the mornings and chairs and tables for meetings were relatively easy to come by, at both the Café de Paris and the Fairmont Piano Bar.

Amongst the run-off service providers, rumours of imminent sales or collapses of rival firms were rife, with particular attention being paid to run-off acquirers, whose carefully put together financial models are feeling the strain of low interest rates, and the medium-to-large third party service providers who are scrabbling to find enough business to feed their labour-fuelled machines.

There was also a general agreement that the global crisis is now not expected to generate any [much desired] entire entity run-offs, but rather a wave of smaller run-off related contracts – although no-one was confident that this would be any time soon. An increased interest in broker and captive run-off was, however, quite discernible. 

Overall, the overriding feeling from the run-off contingent at Monte Carlo suggested that, while worst of the global crisis may or may not be over, an attitude of ‘let’s get on with it’ is the only sensible way forward.

Event reports

ARC Congress 2010 report
08 Mar 2010
Run Off at Lunchtime - broker legacy issues
04 Dec 2009
New Jersey Rendezvous report
29 Oct 2009
Run Off at Lunchtime - AGF v Lexington
13 Oct 2009
Monte Carlo report
14 Sep 2009
ARC Forum report
15 Jun 2009
Norwich Rendezvous report
12 Jun 2009
Compre Nordic Run-Off Seminar report
04 Jun 2009

Want to subscribe to Run Off & Restructuring?

Run Off & Restructuring is published by BD Communications (London) LLP. © 2002 to 2010 All rights reserved.