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With the announcement of a new start-up company choosing to locate itself in the UK capital, the London market has turned the tables on its rivals in Bermuda and Dublin. Flintstone Re, backed by private equity firm Bedrock Capital Partners, is to be headed by chairman Fred Flintstone and chief executive Barney Rubble. The company will write a wide range of risks ranging from the extraction and mining industry to green risks such as self pedalled "motor" cars made out of sustainable wood.
London has come under criticism as an insurance centre recently as more companies choose to set up offshore in less prehistoric regimes. "But we find that London, with its stone age business practices and underwriting dinosaurs, to be much more suitable," said Fred Flintstone. "Even the city's new mayor looks like a caveman."
In keeping with other London market companies, the Flintstone Re office will be entirely paperless. "We have a number of birds with long beaks to engrave our policies in stone tablets," CEO Barney Rubble told RISKbitz. "That's got to help with contract certainty - if not transparency," he joked. Although the company is looking at installing an intra-web manned by real giant spiders, brokers will initially transport the policy tablets around the market on specially adapted woolly mammoths.
Mr Rubble says that there are so many start-up reinsurers operating in the market that Flintstone Re decided to differentiate itself. All of its staff will wear pinstriped fur suits and have bare feet. Unlike the shiny modern office blocks favoured by other City companies the Flintstone Re HQ will be unglazed and carved out of solid rock. A foyer café staffed by waitresses wearing skimpy fur bikinis will serve brokers with unfeasibly large spare ribs throughout the day.
"Ok, so London has a 28% corporation tax - but can Bermuda or Dublin boast such amusing neolithic business practices," Mr Rubble said. Referring to his son, chief underwriting officer Bam Bam, who is armed with a club, Mr Rubble said that unlike his competitors, Flintstone Re is prepared to take a firm line with brokers on renewals terms and conditions.
Industry veteran Flintstone said he had survived Hurricane Betty as well as Hurricane Wilma and would not be blown off course in his latest venture. Asked if Flintstone Re had a message for the market he said: "My message is a simple one. It is YABBA DABBA DOO!"
Flintstone Re has been awarded a provisional "Granite" financial strength grating by A.M. Beast, with a stony outlook.
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