Baltic Ace insured for up to $60 million
The Baltic Ace cargo vessel that sank in the North sea night is insured for between $50 million and $60 million, two sources with direct knowledge of the matter said.
The lead insurer for the Baltic Ace is Catlin, operator of the biggest syndicate in the Lloyd's of London market, the sources said.
As lead insurer, Catlin's share of any claim would be between 10 and 15 percent, with the remainder split between a panel of other insurers, one of the sources said. (Reuters)