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U.S.-based A.M. Best Co. Inc. said that Japanese nonlife insurers faced higher reinsurance rates at the April renewals and need to rebuild their reserves after suffering large catastrophe losses in 2018, Asia Insurance Review reported. The ratings agency said that MS&AD Insurance Group Holdings Inc., Tokio Marine Holdings Inc. and Sompo Holdings Inc. paid more than $3 billion for catastrophe-related damage in the quarter ended Dec. 31, 2018, depleting reserves by nearly 40%.