Insight and Intelligence on the London & International Insurance Markets 23 Apr 2018
Pfizer notifies $450mn D&F loss
- 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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