Despite the chaos caused by hurricane Fabian which hit Bermuda last weekend, those Bermudian reinsurers who made it to Monte Carlo for the annual reinsurance Rendez-Vous had something to smile about.

Early estimates put the damage bill at $100m-$150m but it appears that, rather than the Bermudian reinsurers, the majority of the risk lies with the old European guard. And it could get worse: another storm is due in Bermuda this weekend.