The week in a minute, April 25-29

If you’ve been busy, headlines and links to keep you up to date:

  • Tornadoes and storms rip through the South, at least 295 dead.
    • Eqecat’s Twitter feed cites NOAA data to say this year is already the deadliest ever for tornadoes.
    • PCI gives tips on how to handle the insurance aftermath.
    • A chart among III’s tornado facts shows that traditionally May and June are the worst for tornadoes.
  • Japanese earthquake exposes Platinum’s Topiary cat bond, so S&P downgrades it to CCC+. Important to note the bond isn’t in default. It’s a second-event cover that expires in August 2011, so the biggest default threat comes from its hurricane exposure.
  • 77 million Playstation accounts were hijacked in a massive security hack at Sony, in one of the largest Internet security break-ins ever. Risk and Insurance notes more than 517 million records have been stolen since 2005.
  • Chinese drywall insurers (Arch and Liberty) strike $8 million deal with 1,000+ homeowners. They insured a drywall supplier. The lawsuit continues, though, with plaintiffs seeking $72 million from North River Insurance for the remaining 8,000 or so claims in the key class actions heard in New Orleans’ federal court.

I’ll try to do this every Friday and since you’re busy, I’ll try to limit it to the most important stuff, plus the week’s viral video, which this week happens to be insurance-related:

Viral: Tornado strikes Tuscaloosa


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