Dear friend,

I know I shouldn't, but I couldn't resist.

We all know the top brass at Lloyd's are expected to keep a stiff upper lip, but I always thought the Cariocas of Rio were supposed to be party-loving gaily adorned creatures of the night, and the world champions at joie de vivre and celebrating.

But then I saw this publicity shot of the grand occasion of Lloyd's formal solicitation of a Brazilian licence:

Why so glum? After all Brazil has been the holy grail since longer than I can remember.

Then I remembered that the carnival was over last week and Lent has now begun.

So maybe that explains it - sackcloth and ashes down Rio way, even though history is in the making.

As the winter persists up here in the northern hemisphere we might envy our colleagues a tropical junket.

It's clear from this that glamorous foreign travel is not always all it's cracked up to be!