Marine ILW buyers struggle for low-end cover after Deepwater
Underwriters looking to top up protection for marine and energy
portfolios in the wake of Deepwater Horizon are struggling to find
affordable cover at the lower end of the industry loss warranties
(ILW) market.
According to senior sources, sellers of $500mn and $650mn triggered
non-elemental marine contracts have effectively pulled the product
from the market in the face of heavy losses from the giant Gulf of
Mexico oil spill.
Prior to the event, the ILW contracts were priced at between...
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