The idea that insurance float is not a fundamental contradiction but a simple matter of strategic management ignores the tightrope walk on which every insurer operates, every day. It is not a matter of a "simplistic vision" in the face of a "complexity" that only major players like Berkshire Hathaway would know how to master. The float is other people's money, collected with a promise of repayment, and whether it is invested is the model, but each euro is an unavoidable commitment. A small French insurance company, faced with a series of unforeseen claims such as a major flood, suddenly sees what seemed to be investable capital become an immense pressure on its reserves. The AMF and the ACPR do not see an investment lever, but a liability to cover, a Damocles sword that demands constant prudence.