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(From Reinsurance)
MG: Obviously, a lot has happened in the marine reinsurance market since we last spoke - can you fill in the specifics?
CC: The thing about the 1/1/05 renewal was that the market under-corrected itself, despite having incurred the largest marine loss ever of about $4bn in Hurricane Ivan.
At the time, we weren't fully aware of the real final scale of Ivan because of all the business interruption (BI) and contingent business interruption (CBI) that came pouring in. What happened was that the storm went over the installations without too much happening, but then it dumped an enormous amount of rain into the Mississippi River, ...