AIG, XL Group Credit-Default Swaps Jump on Japan’s Earthquake
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The cost to protect insurance companies from American International Group Inc. to Ace Ltd. jumped after an 8.9 magnitude earthquake struck the coast of Japan, unleashing a tsunami that engulfed towns north of Tokyo.
The quake, the world’s strongest in more than six years, struck offshore 373 kilometers northeast of Tokyo, causing a 10 meter-high tsunami to sweep across buildings and farmland as far as 1.5 kilometers inland. At least 26 people were killed and many more are missing, state broadcaster NHK Television reported.