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...
You are currently viewing an incomplete version of this article. If you are a subscriber then please login now. If you are a non-subscriber but would like to be able to view this article, then please select from the purchasing options below.