NU Online News Service, March 31, 2:53 p.m. EDT

An unprecedented $16 billion in first-quarter reinsurer losses from the Chilean earthquake, European storm Xynthia and other natural catastrophes is a record worst for the period, said Willis Re.

The reinsurance broking arm of Willis Group Holdings' 1st View renewals report said this year's first-quarter result followed a year of historically low frequency and severity for losses with resulting excellent financial performance.

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