RenaissanceRe's Top Layer Re took total claims of $412.5mn
from the New Zealand and Japanese earthquakes in 2011, confirming
the permanent sidecar's participation at the top of the 935bn
yen ($12.01bn) Zenkyoren stack.
Click to enlarge Top Layer partner State Farm picked up $312.5mn of these losses under the stop-loss reinsurance cover it provided to the vehicle. The 2011 losses were split between $365mn in claims related to the Japanese earthquake and $47.5mn from the New Zealand earthquake.
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