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Oil Spill Costing Hannover Re $53 Million; Coast Guard Burn Begins

The sinking of the Deepwater Horizon drill rig in the Gulf of Mexico will create a $52.8 million (EUR40 million) loss for German reinsurer Hannover Re, the firm said last week.

By Daniel Hays, Mark E. Ruquet | Updated on April 29, 2010

The sinking of the Deepwater Horizon drill rig in the Gulf of Mexico will create a $52.8 million (EUR40 million) loss for German reinsurer Hannover Re, the firm said last week.

Its announcement came as the Coast Guard began efforts to burn a small section of the 600-square-mile oil slick from the sunken rig. The flow was threatening the ecosystem of the Louisiana coast, and a test burn was to precede a decision on a full-scale burn.

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