The total loss to Zenkyoren's $7bn-limit reinsurance programme has turned attention to the exposed private layers sitting above the 935bn yen ($11.8bn) open market cat programme.
It comes after the Japanese mega-mutual declared that its main treaty has been exhausted, cementing its position as the industry's largest-ever single-contract reinsurance claim.
According to underwriting sources, Munich Re, Berkshire Hathaway and RenaissanceRe's joint venture Top Layer Re are all understood to have written private layers of cover for Zenkyoren in 2010/11 that...
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