Just months before our group of convergence savants sat in a windowless room in the Fairmont Hotel in Monte Carlo, a group of hungry, competitive young men were speeding through the tunnel underneath our very feet at eye-watering speeds of up to 200 mph.
The thrilling speed and exhilaration of the Monaco Grand Prix was obviously at the forefront of people's minds as conversation soon turned to the pace of convergence between the (re)insurance and capital markets.
In late summer 2010, the Trading Risk roundtable - which is fast becoming just as an established a fixture in the convergence industry calendar as the annual Trading Risk Awards - gathered a select few of the market's finest engineers to discuss the burning issues of the day.
And questions were raised as to whether a safety car should be deployed to check the dizzying pace of development and get the convergence car back on its original track.
For example, the growing resemblance between insurance-linked investors and (re)insurers was noted and the desirability of such a high level of convergence was debated.
The flexibility of capital is much vaunted as a positive side effect of convergence, so should capital markets capacity be targeted at areas of risk transfer where there is a shortage of cover - either peak natural catastrophe risk or hard market pockets such as longevity or, arguably, energy? Or are dedicated ILS investors justified in seeking a diversified portfolio?
With collateralised reinsurance capacity overtaking the cat bond as the convergence vehicle of choice in 2010, what impact can the market expect on liquidity and dynamic trading?
(Re)insurers, investors, dealers and brokers debate the direction of the convergence market at length - and with no little passion, insight and controversy - over the next 8 pages. click here to find out more. TR MC roundtable
As the chequered flag signals the end of another convergence lap, it is impossible to predict exactly what 2011 will bring. One thing is for certain, however.
By reading the highlights of our Monte Carlo roundtable, you will have as strong an understanding of the underlying trends that will shape the trading risk market in 2011 as anyone else.
Enjoy the ride...