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Oil rig loss to be contained in Q2 earnings: S&P
24 May 2010
The reinsurance and insurance losses from the Gulf of Mexico oil spill are expected to be minimal, according to rating agency Standard & Poor's.
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The reinsurance and insurance losses from the Gulf of Mexico oil spill are expected to be minimal, according to rating agency Standard & Poor's (S&P).
The Deepwater Horizon oil rig explosion in the Gulf of Mexico in April is likely to become one of the largest oil spills of all time. The early economic damage estimate from this man-made disaster has already reached a few billion dollars, but S&P expects insured losses to be less in comparison.
In addition, Standard & Poor's expects the insured losses from the spill to be spread among multiple reinsurers and insureres in the London, Bermuda, and US markets. Lloyd's of London...
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