Many might comment that is was only a matter of time before Novae was bought, and I'm sure that Beazley and Hiscox are now even more attractive for those non-Lloyd's carriers seeking to add the the 300+ year old distribution platform to their portfolio...

And so, are independent Lloyd's vehicles a thing of the past? 

In a market that is continually under pressure from increasing volumes of alternative capital, ever more competitive rating environments, challenging and costly regulatory changes, amongst many over things, a lot of firms seek economies of scale through M&A. Very rarely are we seeing 1+1=2 however, and with a lower number of individual entities we will ultimately see fewer distinct cultures and underwriting philosophies. 

Is the industry in danger of losing it's diversity?