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Member, Beacon International Group, Ltd.
Switzerland-based catastrophe insurance market data provider PERILS A.G. said that cyclone Xavier, which hit Germany in October, caused an estimated €325 million ($392 million) in insurance and reinsurance losses, Artemis reported. The losses will largely be dealt within the primary insurance market, with only a little of the total falling to reinsurance capital, although some of the major European reinsurers could take a little of the loss through their industrial and corporate underwriting arms.