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Oil Sands settles for $486mn

4 April 2012

The Alberta Horizon oil sands upgrader loss that was set to cost onshore underwriters around $1bn has reportedly settled for only $486mn.

The event is widely regarded as one of the largest man-made losses of 2011.

According to Marsh's latest Energy Market Monitor, "it would appear that a settlement has now been reached and the claim to the commercial market (excluding retentions and OIL) stands at $486mn".

The reported settlement is a significant boon to the sector, as it had...

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