RenaissanceRe and State Farm joint venture Top Layer Re took a combined hit from the New Zealand and Japanese earthquakes of $412.5mn, according to a note from ratings agency Standard & Poor's.
State Farm picked up $312.5mn of these losses under its stop-loss reinsurance cover provided to the sidecar.
The first $100mn of losses are split between the two joint venture partners RenRe and State Farm, who faced capital calls to restore shareholders' equity in the vehicle to $27.5mn after...
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