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CatCo commutes Costa Concordia liability

FEARS that the industry losses as a result of the Costa Concordia disaster in January this year could exceed $1.25bn have led Bermuda-based, London-listed collateralized insurance vehicle CatCo to commute its Offshore Marine portfolio exposure with one reinsurance counterparty. CatCo intends to seek a commutation. CatCo said this morning that the current industry estimate for insured loss is about $1.172bn, of which $520m is Hull & Machinery and $652m is Wreck Removal/Liability.

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