Preparing for the turn

With the bank holiday now behind it, the insurance market can now set its sights on a very busy September as things get back to normal after the summer holidays and floods.

One of the first events on the calendar is the annual reinsurance rendez-vous in Monte Carlo. Some early discussions will no doubt take place here about the upcoming renewal season, with the issue of whether the green shoots of a hardening market have indeed been sown, uppermost in delegates' minds.

Elsewhere, there will also no doubt be the usual chat concerning potential team hires, staff moves, start-ups and mergers.

Many players want to be in a position to reap the rewards of a market potentially on the turn, and so this may be last chance many have to lay the groundwork in eager preparation to take advantage of the premium hikes.

Like the last days of the football transfer window, this will generate considerable amount of gossip in the hotel bars, though whether even one per cent of what is rumoured ever comes to fruition remains to be seen.

Plus ca change at Willis?

News that Willis has developed a new transparent remuneration model to be piloted in the UK has been met with quiet applause by industry insiders. And so it should. Any attempt to shake up the remuneration process has to be supported. It is no real surprise that Willis is making the first significant moves in this area, bearing in mind the almost robotic nature by which boss Joe Plumeri has his senior executives banging the drum of honesty.

Although the model is in the early stages of design, questions remain unanswered. How has Willis calculated the 2.5% and can it justify such a high figure? Who pays, the underwriter or the client? Will this be rolled out to wholesale business and how quickly?

And what will happen in the US where the broker is the agent of the underwriter and not, like in the UK, the client? So well done for effort but now the hard work convincing the market really begins.

Indie trial grabs attention

Southwark Crown Court may have witnessed a little piece of history last week. After six years' waiting, Michael Bright grabbed the chance to tell his own version of events mapping the rise and fall of Independent Insurance.

The former chairman and managing director launched a relentless tirade against the people and companies he blames for a mixture of incompetence, ignorance and fear over his tyrannical management style, which he claimed were among the causes of the company's demise.

For such a widely anticipated trial it is a shame to see it criticised in some quarters for the almost forensic detail with which the prosecution has built its case - how else this could have been done is anyone's guess. But anyone who knew Mr Bright during his former incarnation would have expected him to relish this opportunity to once again be the centre of attention, and true to form, the Indie trial has now come to life.

- Agree/disagree: e-mail jonathan.swift@incisivemedia.com.