More fallout from Katrina/U.S. Hurricanes.
The counter-intuitive result of these closing will result in additional capital and start-up formulation (primarily in Bermuda and the Caymans). You don't have to be a statistician or actuary to place a bet on a "100 year occurrence" happening two consecutive years. (never mind "ye olde" Bernoulli condition of independence as a precursor to this kind of rationale)
This is all beneficial in the long run...unused and inefficient capital is re-deployed to better performing and newer firms that can learn from these mistakes and/or failures. It is no different than detritus-recycling organisms in an ecosystem.