Treaty reinsurers to bear brunt of $350mn Golden Ray deterioration
  • X
  • LinkedIn
  • Email
  • Show more sharing options
  • Print
  • X
  • LinkedIn
  • Email
  • Free trial
  • Log in

Treaty reinsurers to bear brunt of $350mn Golden Ray deterioration

mv-golden-ray-pa-image.jpg

Treaty reinsurers are set to face heightened losses after the International Group (IG) of P&I clubs has hiked its loss estimate for the Golden Ray to $788mn, in the latest major deterioration on the claim, sources told this publication.

The Hyundai Glovis-owned ship capsized in September 2019 in Brunswick, Georgia, carrying a cargo of 4,200 vehicles.

The IG initially pegged the loss at $115mn, which was later raised to $440mn in February 2020, before further deterioration.

With

Subscribers, log in here:

Fuel a smarter strategy with our actionable market intelligence

      • Gain a competitive edge and accelerate decision-making
      • Be empowered by insights that transform confusion to clarity
      • Uncover growth opportunities and prepare for potential threats
      • Fuel a smarter strategy for business growth
Gift this article