Insight and Intelligence on the London & International Insurance Markets 23 Apr 2018

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Pfizer notifies $450mn D&F loss

  • Catrin Shi and Adam McNestrie 18 December 2017
  • Pharmaceutical giant Pfizer has notified its property insurers of a $450mn loss from damage to its Puerto Rico operations following Hurricane Maria, The Insurance Insider understands.

    Sources told this publication Pfizer had initially thought its losses would fall within its $100mn retention on its direct and facultative (D&F) policy, but the total has since been revised upwards.

    Insurers on the D&F placement are understood to include AIG, Zurich, CV Starr and FM Global.

    Pfizer's loss is one of the largest...

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