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(Re)insurers are facing a total loss on the Transocean Deepwater Horizon rig after it sank on 22 April.

The rig, with an insured value of $560mn, sank after burning for more than a day, creating the risk of a major oil spill.

The cover, widely spread across the London market, is led by QBE's O'Farrell Syndicate 1036.

The operational deductible plus a captive insurer retention for the platform totalled $125mn. However, it is understood this would not apply were the...

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