Insight and Intelligence on the Global Facultative Markets

19 May 2012

BP captive unveils $590mn hit from Deepwater spill

16 May 2011

BP took a $590mn hit on its captive insurance programme after the explosion and oil spill from the Deepwater Horizon/Macondo offshore platform in 2010.

The energy company also revealed it has more than doubled the underwriting limit for its Guernsey-based captive company Jupiter Insurance Limited to $1.5bn as of 1 April 2011.

Jupiter had a $500mn limit in 2008, according to rating agency AM Best, and previous ratings actions on Jupiter from rival agency Standard & Poor's had revealed a...

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