Three cheers for mobile capital!

The day is 1 June 2005. The hurricane and typhoon seasons have just gotten under way. A fortune-teller reveals to you that the insurance industry will suffer a record $83bn in catastrophe losses in 2005, following the record loss of$48bn in the past year. At this point a pesky insurance reporter appears (though not one from this fine publication) and asks for your forecast for reinsurance renewals in 2006.You, like practically all industry observers, would probably predict that there will b