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18 June 2013

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Costa and Thai losses prompt ILW payouts at Lancashire

25 July 2012

Lancashire took $25mn in second quarter losses from industry loss warranty (ILW) payouts relating to the Costa Concordia disaster after the industry loss from the sinking passed the $1bn threshold.

ILW losses also led the reinsurer's retro sidecar Accordion to a second quarter loss after Thai flooding claims triggered "cold spot" covers written by the vehicle, Lancashire spokesperson Jonny Creagh-Coen said.

Accordion has reserved losses against non-peak worldwide ILWs that triggered on losses above $15bn. The firm expects the industry...

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