Next month will see approximately one hundred reinsurance professionals from all around the world arrive in Montreal, Canada, for the ICMIF Meeting of Reinsurance Officials (also known as the MORO) which takes place 23-25 April 2018. The reinsurance-focused agenda is full of topics of interest and benefit to mutual/cooperative insurers and reinsurers. The main attraction of the event according to our delegates though is the opportunity to meet, build relationships with and ultimately conduct reinsurance business with peers from around the world.
Throughout the MORO, delegates have the opportunity to get to know each other better and talk business during the conference sessions, networking breaks and social activities. As well as this multitude of opportunities to build relationships, the MORO “Mini Monte Carlo” is the “jewel in the crown” of the event. This is an afternoon set aside for more formal, pre-arranged business discussions between delegates on a one-to-one or bilateral basis.
Those who have attended the “Rendez-vous de Septembre” in Monaco will understand our reference to Monte Carlo. The original Rendez-vous takes place the second week of September every year, and in many cases is the first stage of the negotiation process for 1st January reinsurance renewals. There are some formal presentations in Monte Carlo but the ultimate purpose of the event is to bring together insurers, reinsurers and brokers to meet with each other for pre-renewal, reinsurance discussions. Those meetings take place in a variety of venues around Monte Carlo. Every half hour, swarms of reinsurance professionals will end their conversations, shake hands and then seek out their next appointment. The whole experience can be quite frenetic and also challenging to make it from one meeting to another across town (and then back again!).
The Rendez-vous de Septembre is undeniably the most famous of this type of bilateral meetings, and it is, of course, where the ICMIF “Mini Monte Carlo” got its name. However, where we feel that ICMIF adds the most value and elevates the experience for delegates is by making it so much easier for everyone taking part. The stress is gone, the arrangements are made for you and, best of all, everything takes place under the same roof, allowing these important negotiations to take place in a much more relaxed manner.
Like so many good ideas, the first ICMIF Mini Monte Carlo was perhaps born more out of necessity rather than design. In 2004 the MORO was held in Mendoza (Argentina) and at the last minute a speaker cancelled leaving us with a one hour gap in the agenda. We decided to fill the gap with a “Mini Monte Carlo”. The concept and the experience proved to be immensely popular for all those who took part and delegates asked for another such session at the next MORO conference. Since then, thanks to the demand from ICMIF members, the Mini Monte Carlo has become a permanent fixture at the MORO and has grown and grown in popularity. Where delegates tell us they benefit most is that, firstly, the meetings are all prearranged by ICMIF, following our delegates’ requests, and secondly, they all take place in the same venue which makes things so much easier. At the MORO you simply move from one table to another rather than one hotel to another. What could be simpler?
The ICMIF Mini Monte Carlo retains the key features of the original Monaco event: pre-arranged business meetings in thirty minute slots. It is a more formal opportunity for reinsurance buyers from ICMIF member companies to meet with their reinsurers or brokers (also ICMIF members). For reinsurers and brokers it is an opportunity to build relationships with potential new clients or to strengthen existing relationships. At the last Mini Monte Carlo session in London in 2016 more than 100 meetings took place between 20 member companies in one afternoon. This created a real buzz in the main conference room with up to fifteen meetings happening at any one time.
We will soon invite everyone who has registered for the upcoming MORO to send us their list of who they would like to meet, so that we can start to arrange everything for our delegates and prepare to bring a small yet very efficient slice of Monte Carlo to Montreal.
There is still time to register for this year’s MORO Conference in Montreal (23-25 April). Please visit the MORO website here.