A correspondent points out to me that contrary to my statement above, Royal is actually eager to have the AMA's business. It is the re-insurers that contract to cover Royal that are reluctant to take on the AMA risk pool. So, there you have it, It is the re-insurers that are a bit risk averse.

Be that as it may, If Royal cannot contract for re-insurance they are not going to sign up to insure the AMA, so the point stands. If Royal goes the way of the Dodo, there will be no AMA insurance unless AMA creates an alternative. The proposed Captive is the most logical and cost effective choice.