March 2011/3

Early indications suggest continental European reinsurers could be shouldering a broader share of claims than their peers from the devastating earthquake and tsunami that tore through Japan earlier this month.

"Class of 2005" reinsurer Flagstone Re experienced the sharpest share price decline following the Japan quake with its stock closing down 23 percent last week.

As the (re)insurance market awaits RMS's modelled loss estimate for the Japanese quake, the industry loss figures published by its two main cat modelling rivals demonstrate the high level of uncertainty and lack of information about the disaster.

Kiln liability; Monster energy; AmTrust; Lloyd & Partners; QBE Australia; Willis EMEA; Tawa UK management; Whittington on block; Appeals on $90mn asbestos claim; Willis issues debt; Torus; Atrium syndicate closure; Rugby World Cup; XL CUO; Jubilllee motor outsource;

An improving loss picture saw reinsurers' equities, traded debt and credit default swap prices all improve at the end of last week after coming under pressure on 14-16 March in the aftermath of the disaster

The prime task for everyone in the (re)insurance industry over the past week has been collating and quantifying known exposures - and communicating them to an audience of brokers, clients and investors hungry for any information on the Japanese earthquake and its likely financial impact.

Battle lines are being drawn between brokers and underwriters ahead of the 1 June and 1 July US wind renewals.