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NU Online News Service, June 4, 3:30 p.m. EDT

Losses from the Deepwater Horizon and Aban Pearl drilling rigs have left upstream energy insurers with an unprecedented bill of $795 million within the space of a single month, destabilizing the market and driving up rates, according to a new report from Willis Group Holdings.

Despite the twin rig disasters, most major insurers have honored commitments that were in place prior to the losses, Willis said, but are no longer considering rate reductions on new business. Instead, they are seeking to impose rate increases, particularly on drilling contractor fleets.

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