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The Prestige oil spill caused major damage to the Spanish and French coasts in 2002 and has been subject to long-running litigation.
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Sources say the pipeline operator has at least $15mn in cyber insurance cover. -
Wreck removal, if required, would generate a separate $50mn-$100mn claims bill for the P&I market.
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The merger partners are working towards a third-quarter completion after a side-deal they say addresses EC concerns.
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The pair had both joined the carrier in 2018.
Opinion
Focus
Focus
06 May 2021
Hiscox’s London market rate rises decelerated from 20% in 2020 to 13% in Q1.
Analysis
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Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
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Underwriters voiced a cautious optimism about the outlook for 2020, but warned that the class was moving from a low point.
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Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
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