Charles Philipps likes BIMBYs. But he doesn't like DUMBs. You would be forgiven for asking what the Amlin chief executive is on about. Well, BIMBYs are underwriters who maintain that the performance of their Lloyd's franchises is well above the market average. In other words, it's Better in My Back Yard.

DUMBs, on the other hand, are Dreadfully Underperforming Market Businesses.

Philipps is keen for DUMBs to bite the dust, reducing the burden on the big beasts...such as Amlin, naturally.

Backchat hears that Philipps is also keen on HOBOs (Having Our Bermuda Option).