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

Samuel Casey, 
Adam McNestrie
25 February 2021
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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.

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Topics

News Marine Reinsurers Claims and losses
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Samuel Casey
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Adam McNestrie
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