Tempera Re, the latest start-up off-the-peg turnkey multi-line disaster-in-the-making reinsurer, is to commence writing business in London's LUC in the near future, having been granted a licence by the Fiscal Stupidity Authority. According to its business plan, Tempera Re will write long-tail liability reinsurance business "at a cracking discount - in order to get the brokers coming in through the doors".
Denying the operation would be just another fly-by-night agency designed to fleece investors, cedants and brokers, the company said it had a "robust business model - whatever that means. We heard the term from somebody who went to Monte Carlo last year and thought it sounded pretty impressive".
Nigel Whottock-Hunt, the chief underwriting officer, said "We will stay in the market whilst rates remain profitable, which will probably be until next Tuesday, and then disappear overnight with all the premiums in a big sack marked Swag" he said. "I understand that the weather in Buenos Aires is very pleasant at this time of year."
AM Beast have awarded the company a coveted credit rating of AaaaaGH since it is highly unlikely the company will be around long enough to actually pay any claims