One of the last things I worked on when I was in the Insurance sector was Delegated Authority - the business where (in this case) a carrier in the UK can delegate authority for writing business to another party (a Coverholder) in another territory. It's a very valuable way of extending the reach of the London Market insurers to other geographies. So it's interesting to see that at a time when London Market insurers want to grow their Delegated Authority business, the closest analogy I see to it in Banking (Correspondent Banking) is on the decline. No doubt I am massively over-simplifying, but where's the fun in doing anything else?!