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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