The reinsurance was purchased in two tranches, the first for $5.7bn in March 2007 and this provided cover over and above the $8.11bn of reserves set aside to meet claims obligations, for a total of $13.81bn.
The reinsurance was acquired in two stages, with the initial payment of $5.7 billion covering claims beyond the $8.11 billion reserved for such purposes, totaling $13.81 billion.