Wanting miracles at Monte Carlo

The Monte - as happens every year - will come with its major issues. While some, particularly those who have taken heavy bets on Florida avoiding a monster hurricane, will be hoping for no news of heavy wind out in the Atlantic, others will be praying at the Cathedrale De Monaco for a Category five hurricane to stick its boot into Corpus Christi or Coastal Florida. New York? Perhaps not. Rates are soft and softening, and if they keep going like this, Reinsurance's front cover icon of butter may all be melted away...

On a happier note for the attendees of the best awayday since Britain's trip to the 2008 Olympics, there are plenty of things to be happy about. The Middle East is trying its hardest to be attractive for the reinsurance industry - one Lloyd's CEO said to to us recently that they were practically "begging him" to open up an office. Brazil has just opened up its doors to the reinsurance world. China and Vietnam look exciting. The cat bond market has gone from fledgling to furious - so don't be too surprised if you see IFEX's Neil Eckert - who incidentally is on Reinsurance's Top 20 Power List (see last month's issue) - looking rather happy.

And, in the magazine, there are also some great insights. We've got a piece looking at the FAIR (or un-FAIR, if you're a (re)insurer) plans in the US, while another looks at the insurance situation in China. There are interviews with Montpelier Re's new chief executive Chris Harris and another with Brit Reinsurance head man Jonathan Turner, and Guy Carpenter chief executive's view on what will happen to rates at the turn of the year.

Anthony Gould, Group editor-in-chief.