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Archived stories from 2015

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Alt Cap widens capital gap

Alternative capital providers, which represent just 1% of the total number of reinsurance capital providers, provide as much reinsurance capital as the rest of the providers put together, according to a recent survey by the anti-capital charity, Actuaries R Us.

Harvard J Thwakkenbakker III

The share of the reinsurance market's overall capital held by alternative capital providers has been increasing steadily for years. Actuaries R Us called for action to halt the widening gap between the wealth of reinsurers and alternative capital providers.

Spokesman for Actuaries R Us, Harvard J Thwakkenbakker III, said the inequality was growing exponentially and something needs to be done: "Something needs to be done," he told journalists, "because the inequality is growing exponentially."

Mocha Re's chief executive and chairman, Sir Norbert "Nobby" Johnson, was just one of many reinsurance CEOs to take umbrage at the domination of alternative capital. These arrivistes simply don't have the breeding, the social standing, the country pile, the Bentley in the garage, to work in the reinsurance industry. Most of them only went to very minor public schools. Alternative capital is nothing more than a bunch of nouveau riche, oligarch types, newspaper proprietors, football club owners and complete and utter bankers."

One victim of alternative capital, a reinsurance underwriter forced to drive a cab in the evenings to pay the bills, told RISKbitz he did not want his identity revealed becaue of the tax implications of cash in hand business, but said: "These alternative capital providers, they come over ?ere, flashing their cash at the market, driving down prices. It's a diabolical liberty. They ought to be spoken to by the Financial Conduct Authority. It's the only language they understand."

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Other news from Jan 2015
 
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