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An explosion that destroyed the Vasilikos power station in Cyprus is set to be a EUR600mn ($840mn) loss for the international reinsurance market, sister publication The Insurance Insider has discovered.

The locally placed primary cover which has a limit of EUR600mn is 100 percent reinsured with 16 international reinsurers.

The plant is owned by the Electricity Authority of Cyprus (ECA) which, according to a tender document on its website, purchases a limit of EUR600mn per event above a retention of...

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