As the weary reinsurance market returns from hectic deal making in Monte Carlo, Backchat has learned of other (less salubrious) deals that were being done in the local bars.

It seems that the cream of Russia's working girls had descended on the principality to enjoy the reinsurance dollar.

The preponderance of high class hookers left some describing the glamorous women at the Rendez-vous as the WARPs - a version of the now infamous footballers WAGs (wives and girlfriends).

WARPs? That's 'wives and Russian prostitutes' to the uninitiated.

Insiders (you know who you are!) told Backchat that rates were as low as €450 (£300) an hour. Better than reinsurance rates at the moment?