NU Online News Service, May 11, 1:30 p.m. EDT
Catlin Group has estimated that it will face $40 million in claims for the 2010 second quarter from the Deepwater Horizon drill platform disaster.
The Hamilton, Bermuda-based international specialty insurer said the explosion and resulting spill "is likely to be the largest loss impacting the energy insurance market since the explosion of the Piper Alpha oil drilling platform in 1988.
Catlin made the estimation in its interim management statement, in which it also reported 2010 first quarter gross premiums written of $1.3 billion, a 9 percent increase over the 2009 first quarter.
The figures include a 39 percent increase in gross premiums written by non-London underwriting hubs, Catlin said.
Speaking to its exposure to other catastrophes, Catlin said it estimates its Chilean earthquake exposure at $140 million, and its European Windstorm Xynthia exposure at $5 million.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.