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Although Bermuda insurers and reinsurers were hit with more than $3.5 billion in catastrophe losses from worldwide disasters in 2010, roughly $2.7 billion in favorable prior-year loss development helped cushion the blow, according to NU tallies.

Now with Japan earthquake loss totals yet to be determined, but close to $1 billion estimated in other catastrophe losses estimated by Bermuda companies for the 2011 New Zealand earthquake and floods in Australia, it seems less likely that reserve takedowns at year-end 2011 will have a similar effect.

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