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Daily Insurance Industry News
Saturday 21st of July 2018
December 22, 2010

Aon Benfield creates US “sudden oil spills” consortium

by Gill Montia

Story link: Aon Benfield creates US “sudden oil spills” consortium

Aon Benfield creates US “sudden oil spills” consortium

Aon Benfield has announced that it is working alongside Guy Carpenter and Willis Re to bring together and manage a new re/insurance consortium for sudden oil spills in US waters.

With SOSCover, the group aims to provide higher liability limits that will be accessible to all energy retail brokers, on behalf of their clients.

The project expands on an initial concept announced by Munich Re at the 2010 Monte Carlo Rendez-Vous.

According to Aon, Munich Re and other reinsurers are in the process of committing capacity to the new insurance class, which will provide limits on a per well basis that have not previously been available in the marketplace.

Aon Benfield chairman, Grahame Chilton, comments: “It is terrific to see the re/insurance industry working together to deliver a solution at a time of customer demand and need.”

He adds: “Munich Re helped enormously with the initial concept for the liability product, and now other leading industry players and the oil industry will assist in the development of the terms and conditions of the sudden oil spill facility, SOSCover.”

 

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