CatVest targets oil spill ILS
The time is right for oil companies to approach the capital markets for spill insurance, say the executives behind a new company formed to bring spill liability bond issuances to market.
CatVest Petroleum Services was launched yesterday (16 August) by insurance-linked securities (ILS) attorney Jake Walker and oil spill damages expert Tim Reilly.
They claim that the oil industry is underinsured due to lack of traditional (re)insurance capacity and expensive premiums.
They explain that institutional investors are willing to take...
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