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A magnitude 9.1 earthquake hit off the east coast of Honshu, Japan at about 2:45 a.m. local time, and independent reinsurance brokerage firm Holborn said the economic loss from the earthquake in Japan will be twice that of last year’s quake in Chile.

PartnerRe Ltd. said it is estimating 2011 first-quarter losses from catastrophe activity in Australia to be between $80 million and $110 million.

Recent flooding in Queensland, Australia, has resulted in about $2 billion in insured losses according to The Insurance Council of Australia.

Independent reinsurance brokerage firm Holborn said the first quarter has been an eventful one for reinsurers, who will post losses on several events including a recent cyclone and flooding in Australia and developing losses from the New Zealand and Chilean earthquakes in 2010.

As a result of the ongoing soft market, a “who blinks first” environment pervaded Jan. 1, 2011 reinsurance renewals, with buyers holding out…

The International Association of Claim Professionals named its new slate of officers and directors during the association's 41st annual conference on Amelia Island, Fla.

The first half of 2010 has not been kind to reinsurers, who were just beginning to enjoy some recovery from the financial fallout of 2008, according to a reinsurance broker's report.

Reinsurers and insurers have paid out less than $1 billion on British Petroleum oil spill claims, and the total market loss is expected to be between $3.25 billion and $4 billion, said Holborn Corp.