Bermudian reinsurer PartnerRe revealed last week that it would add $88mn to its estimated losses from the Tohoku earthquake in the fourth quarter after deciding to reserve the full limit of its largest Japanese client's cover.
Although PartnerRe did not name the cedant, the world's largest cat programme belongs to Japanese mutual Zenkyoren and the news supports previous reports from The Insurance Insider that its programme was now expected by many to be a total loss.
PartnerRe said it decided...
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