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The Deepwater Horizon oil rig exploded on April 20, and sank into the Gulf of Mexico on April 22The drilling rig Deepwater Horizon that sank in the Gulf of Mexico last week after an explosion will result in a major loss for Hannover Re, the company announced today.

A release posted on Hannover Re’s website said, “On the basis of a conservative evaluation of the current — still vague — information, [Hannover Re] is expecting a net loss of approximately EUR 40 million.”

According to today’s currency exchange rates, EUR 40 million is equivalent to US$53 million.

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