The insurance cycle is a bit of an industry oddity. But it has become an embarrassment for former Catlin energy underwriter Huw Jones.

He was tempted by a rival insurer in a deal too good to turn down. But while the new boy was still warming up his seat at the Wellington box, his new employer was snapped up by his former bosses.

Eight weeks later, the Wellington underwriter is heading back to his former quarters pondering the new meaning of insurance cycle.