Mapfre tells reinsurers global umbrella cat layer will escape loss

Mapfre has indicated to its reinsurers that it expects the
global umbrella catastrophe layer that sits at the top of its
programme to run clean from Hurricane Maria, The Insurance Insider
understands.Reinsurance market sources said that the Spanish insurance giant,
which has a major presence in loss-hit Puerto Rico, has suggested
that its gross claims would not be high enough to attach the
cover.The layer is believed to provide $200mn of cover in excess of
$1bn.The suggestion...