For today's meeting, Arthur specifically had the servants clear out a spacious hall.
This hall was originally used as a dining area, with enough chairs to seat all the captains, though the decorations were a bit plain.
Two Captain's swords hung on the walls, adorned with tapestries and brocades found at the last minute.
Victar pushed open the doors for Arthur and introduced, "Some captains I know well arrived early, so I had the servants serve them some food."
After greeting the few captains already in the hall and memorizing their faces and names, Arthur ordered breakfast for himself.
Mm, don't panic when things happen; eat first.
Soon, a servant placed a bowl of steaming oyster soup and a few pieces of soft white bread in front of Arthur. He didn't ask for wine.
While Arthur ate, people trickled into the hall: Zaren, Vickon, more than ten captains, and Weiss carrying three sandalwood boxes.
It wasn't until a familiar round figure appeared and took a seat that Arthur put down his knife and fork and burped in satisfaction.
Sabel Kaffi looked noticeably thinner and more haggard than the last time Arthur saw him. He was draped in gold and silver, displaying his wealth on almost every part of his body.
He didn't need anyone to support him while walking, though.
"My Lord, everyone is here." Zaren reminded Arthur from the side.
With a nod from Arthur, Zaren shouted for silence. After some introductions and pleasantries, Arthur went straight to the point:
"Everyone here is a captain who sails the Narrow Sea year-round. You must be very clear about the essence of an insurance contract."
A bearded captain spoke up: "A guarantee! I hope that if our ship unfortunately encounters a storm and sinks, or gets hijacked by pirates, my wife and children won't be destitute, and someone can ransom us."
Arthur: "Originally, it had that function. But now everyone knows this guarantee has soured."
"The reason is that insurance merchants and captains are not a community of shared interests; they aren't on the same boat!
"When a captain returns safely, the merchant who signed the contract is naturally happy. But if the ship meets a storm, while shedding a tear for the captain who will never return, the merchant feels relieved..."
"Relieved that he doesn't have to pay out the insurance to the widows and orphans."
Just as Arthur finished, Sabel Kaffi stood up from his seat and shouted in his hoarse voice:
"Lies! Not every insurance merchant is like that."
He then turned his gaze to the captains present: "I have operated in Braavos for thirty years and never refused to pay an insurance claim. Everyone can testify for me."
"It's true. Although expensive, Kaffi has indeed never refused to pay a claim."
"But Arthur is right. Didn't the Sealord arrest a bunch of insurance merchants? They even colluded with pirates to raid merchant ships and traffic slaves."
"We buy insurance to spread risk. Now it's increasing risk. Truly putting the cart before the horse."
The captains murmured amongst themselves. Some spoke for Sabel Kaffi, some complained about the current situation, but more remained silent.
Hearing voices of agreement, Kaffi straightened his slightly hunched back and looked at Arthur.
Thirty years of accumulated credit in Braavos was his capital.
Arthur: "Paying claims is one thing, but are they paid in full?"
"When we first met, you told me an unwritten rule of the insurance industry: merchants only pay half the value of the lost ship and cargo, and that's only if the captain returns alive."
"Half!" Kaffi argued with less confidence. "Half... is enough to keep the lost captain's family from destitution."
"A lame excuse that cannot hide the fact that insurance merchants do not honor their contracts." Arthur stated bluntly.
"I can promise you that insurance contracts signed with me will have no unwritten rules. Whatever is written on the contract is what you get."
Kaffi hurriedly said, "I can also guarantee full payment for future contracts... full payment."
"Thank you for your promises." A bald captain spoke up after hearing both sides.
"Actually, we are more concerned that the conflict between you two will create unnecessary risks for our trade.
"Insurance is expensive. We can't buy expensive contracts from both of you simultaneously."
Arthur didn't speak but opened the first sandalwood box. Inside lay a clean white skull.
Seeing the skull, the crowd reacted differently. Sabel Kaffi had the most intense reaction.
He covered his mouth, retching uncontrollably, unconcealed fear in his single eye. clearly, bad memories had been triggered.
"Don't panic, everyone. This is the head of the Lord of Pebble." Arthur pointed to the skull and introduced it.
"He provided supplies and a main foothold for the pirates hired by those insurance merchants. I trust you've heard of his and the pirates' atrocities."
A captain in the front row couldn't help but spit at the skull.
"I heard he locked Giselle and Cantona in a crow cage, starving them to death without food or water, and finally fed their corpses to the crows."
Another captain turned pale. "I also heard Giselle was so hungry she had to eat Cantona's corpse like a crow."
"No, the rumor I heard was the opposite. It was..."
Arthur interrupted the captains' discussion loudly: "I mean to say he is dead, and that pirate band was wiped out. This is the capability we demonstrated in Westeros."
"I paid for it!" Sabel Kaffi suppressed his retching and screamed shrilly. "I gave you 40,000 Gold Dragons and told you to do it!"
Arthur nodded. "Yes, he told me to do it. I fulfilled the contract to the letter and wiped out the pirates.
"Now the contract is over. I have a say on all the islands along the route from White Harbor to Braavos.
"If you sign insurance contracts with me, I guarantee the beacons lit along the way will no longer guide you to reefs, but to ports for rest and anchorage. The lords on the islands will ensure the safety of your ships and cargo."
Arthur glanced at the one-eyed fat man and said pointedly, "If I have the capability to wipe out pirates once, I can wipe them out a second time."
Hearing this, several captains stirred.
"He is a man from the Sunset Kingdoms, not worthy of your trust." Sabel Kaffi ignored everything else and shouted continuously.
"Besides pirates, there are storms at sea. He has no money to pay insurance claims. Look at the shabby decorations here; even this mansion is rented from me."
The captains looked at Sabel Kaffi's luxurious attire and the plain decorations in the hall, hesitating again.
The bald captain spoke again: "Sabel Kaffi is right. Why should we trust you? Your reputation here isn't exactly good."
Arthur didn't answer but signaled Weiss to open the second box.
Inside lay a contract—a loan agreement for 100,000 Gold Dragons for five years, signed between Arthur and the loan officer sent by the Sealord from the Iron Bank!
100,000 Gold Dragons was a huge sum. In Westeros, the main currency conversion was roughly 1 Gold Dragon ≈ 50 Silver Stags, 1 Silver Stag ≈ 50 Copper Stars.
One Silver Stag could buy a flagon of Dornish red, one Copper Star could buy a loaf of black bread or a bowl of oatmeal, and a loaf of soft white bread cost 3-5 Copper Stars.
Arthur's original intention in borrowing from the Sealord, besides binding interests, was to use the Sealord's endorsement for his own credit!
This contract bore the Sealord's seal.
What he hadn't expected was that the Sealord seemed to favor him greatly, allowing him to use the 100,000 Gold Dragons freely.
Although Arthur had already planned the use for this money, it didn't stop him from using it to boost his prestige first.
The bald captain picked up the contract, read it carefully, and announced to everyone, "This 100,000 Gold Dragon loan contract is real. It... it has the Sealord's seal."
Hearing this, Sabel Kaffi's face turned as pale as milk, his single eye dim. He muttered unconsciously, "Impossible... how is this possible..."
He knew clearly the Sealord's influence among Braavosi captains. Every captain returning from a voyage brought gifts for the Sealord from all over the world.
The Purple Harbor, open only to Braavosi captains, lay right beneath the Sealord's Palace tower.
"Let's discuss the amount and terms of the insurance contract." Immediately, many captains made their choice.
Seeing the lifeless expression on Kaffi's fat face, the remaining captains also chose sides. "If your price is too high, we just won't go to White Harbor."
"I guarantee the new insurance contract will be incredibly fair to both captains and us," Arthur said.
"Please select two representatives to come here again tomorrow. I have invited officials designated by the Sealord and judges to draft a proposal that satisfies everyone!"
The captains had different reactions, looking at each other and muttering:
"Proposal? What trick are you playing?"
"With officials and judges designated by the Sealord present, there shouldn't be any problem."
"Who will be the representatives tomorrow? How about me?"
"Let's go, let's go discuss outside. To the Green Eel Inn. The charcoal-grilled eel with ale there is superb."
Soon, the captains gathered in groups and left one after another. The huge hall seemed empty, leaving only Arthur and Sabel Kaffi.
Kaffi asked hoarsely, "Can I see what's in your last box?"
"As you wish." Arthur slowly opened the box, pinched an iron coin between his thumb and index finger, and mimicked 'Fanny's' mocking expression and emotionless tone from back then:
"My Lord, valar morghulis."
Sabel Kaffi's single eye was full of shock and realization. Now he knew why Claw's head had appeared silently on his bed, and why the Faceless Men wouldn't take the contract to kill the bastard.
Because behind him were the Faceless Men, or perhaps he himself was... Ah!
Thinking of this, Kaffi trembled involuntarily, his voice broken:
"Valar... dohaeris... I promise... never... never to be your enemy again... never... never again."
"Is that all?"
"I will... leave... leave Braavos. I will sell all my... assets in Braavos to you at a low price."
Arthur put the iron coin given by 'Fanny' back into his pocket and sighed inwardly. Indeed, fear cuts deeper than swords.