Our keynote speakers stressed that the London Market has to see itself as an organic entity competing with other venues. Competition is relevant at the whole-market level. And to be competitive at this level, London players need to collaborate.
London has a great tradition of coming together to standardize, simplify, and streamline on behalf of the whole community. It's taken longer in some areas than others. But I'm encouraged by both the realism being shown about past “big bang” solutions and the appreciation being given to Ruschlikon – which has turned out to be not just a great solution for its original sponsors, but a real beacon to the whole insurance sector.