Bell: It’s much more difficult now. The regulatory environment is very different. It would be hard to get a rating. There is money out there and the brokers are obviously going to want it because they need capacity. It’s a bit harder than it used to be—to justify that lack of diversity.

Mardon: I agree. It’s economies of scale; the costs of doing something now, between risk model agencies, rating agencies, regulation, hiring a team of people—it’s more economic to go with an existing platform. But you could find a sidecar to do it, or even a syndicate in Lloyd’s.

There are numerous ways you can run a short-term, say three to five-year, cat strategy, without hiring a lot of new people or setting up something from scratch.