Insight and Intelligence on the London & International Insurance Markets 24 Jul 2017
SBM settles with most primary insurers over Yme loss
- 17 July 2017
A majority of insurers on the $500mn limit primary layer of SBM Offshore's construction all risks policy have settled with the Dutch-based offshore energy specialist for $247mn after a long-running legal battle.
In a stock exchange announcement this morning, SBM said carriers providing 73.6 percent of the insurance on the Zurich-led layer had agreed to a cash payment. However, it added that legal action against the remaining insurers, including those on two excess layers, remained ongoing pending a trial scheduled...
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