NU Online News Service, Dec. 21, 3:50 p.m. EST
Aon Benfield has agreed to serve as placement advisor to a new sudden oil spill consortium formed to deliver larger liability limit coverage for deepwater drilling in U.S. waters, Aon and Munich Re announced.
The consortium expands a concept announced by Munich Re at the 2010 Monte Carlo Rendez-Vous. The plan involves the re/insurance markets working together to deliver a new product that brings significantly larger limits than have previously been available for U.S. deepwater drilling.
Munich Re said today that it, along with other insurers and reinsurers, is in the process of committing significant capacity to this new insurance class. The sudden oil spill consortium will work alongside the oil industry to help ensure that the product will deliver coverage that is of value and limits on a per-well basis that have not been available before in the marketplace.
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