NEW YORK (Bloomberg) - Validus Holdings Ltd., the Bermuda-based reinsurer, said it has "limited potential exposure" of less than $3 million to the death of singer Michael Jackson.

The Talbot Holdings Ltd. unit was not the lead underwriter of Jackson's planned series of concerts in London, the insurer said on Friday in an e-mailed response to speculation about potential losses from the cancellation.

Jackson, the pop music icon, died on Thursday at age 50 in his Los Angeles home. He was preparing for his first concert tour in more than a decade. The shows were promoted by Anschutz Entertainment Group.

Talbot wrote the coverage through Lloyd's of London, Validus said. Lloyd's, the world's biggest insurance market, said in an e-mailed statement that "some insurance" for the concerts was placed at Lloyd's and that "any losses are not likely to be significant".

The singer's death may set off a rush for refunds by some of the about one million fans who bought tickets to "This Is It", the performer's 50-show, sold-out London run.

His performances at the more-than 20,000-seat O2 arena, set to begin July 13, were expected to generate revenue of as much as $150 million from ticket sales, concessions and merchandise, Billboard magazine and Goldman Sachs Group analyst Mark Wienkes estimated.

Promoter AEG Live will announce refund details in due course, Lucy Ellison, a spokeswoman, wrote in an e-mail to Bloomberg News. A unit of Allianz SE, as well as Talbot, are among those who issued policies for the promoter and ticket sellers.

"Most pre-existing conditions wouldn't be covered in a standard insurance contract," Duncan Fraser, a London-based partner at insurance broker Jardine Lloyd Thompson Group Plc. "Similarly, if someone dies from anything self-inflicted, like drugs or alcohol, that won't be covered."

The Los Angeles County coroner's office said it will conduct an examination to determine the cause of death. The coroner investigates when there is no death certificate signed by a doctor, said Amanda Betat, a police spokeswoman.

Police have spoken with the physician who tried to resuscitate Jackson on Thursday at his Bel-Air home. The singer wasn't breathing when paramedics arrived, began treatment and took him to the UCLA Medical Center.

EBay UK Ltd. has no plans to reimburse customers who bought tickets through its auction site, unless they paid via the online payment system PayPal no longer than 45 days ago, according to Jenny Hill, a company spokeswoman.

"We are working quickly to remove tickets currently listed for sale on the site and would encourage everyone who has bought tickets through EBay to contact the seller in the first instance to discuss a refund," Hill said.—— AEG Live, controlled by billionaire Philip Anschutz, said fans bought about one million tickets, at a face value of £50 to £75 pounds ($82.44 to $123.66), in the four hours after they went on sale March 13. Jackson, who was to collect a share of ticket sales, would have received about $50 million, according to Billboard.

In May, Jackson postponed the first four shows, saying he needed more time to prepare. AEG Live chief executive officer Randy Phillips told Billboard magazine last month that the event was "well insured" and that Jackson had passed a physical "with flying colours".

Seatwave Ltd., a marketplace for tickets already purchased, expects Allianz, Europe's biggest insurer, to pay out around £2 million through subsidiary Mondial Assistance Group to compensate its customers, CEO Joe Cohen said by telephone.

Margot Tomkinson, a spokeswoman for Mondial Assistance, confirmed in an e-mail that the company is in discussions with Seatwave regarding the tickets. She said she couldn't provide any further comment at this stage.