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BERLIN (AP) — German-based reinsurer Hannover Re AG says Japan’s devastating earthquake and tsunami cost it €232 million ($344 million) — part of a heavy burden of losses from natural disasters that weighed down its earnings.

Hannover Re said Tuesday that major losses in the first quarter totaled €572 million — exceeding its planned full-year budget for such losses of €530 million. New Zealand’s earthquake cost the company €152 million and flooding in Australia caused losses of €52 million.

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