Zenkyoren declares $12bn total loss on world’s biggest cat programme
Japanese agricultural mutual Zenkyoren has increased its ground-up loss notification for last year's Tohoku quake from 890bn yen ($11.2bn) to 955bn yen ($12.0bn) to exhaust its vast open market cat programme, The Insurance Insider understands.
The latest in a series of upward loss revisions burns through the 665bn yen xs 270bn yen cat open market cat treaty, which also includes a second retention, and takes the loss into suspected private layers that sit above the main placement.
Sources expect that...
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