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Article: Marsh, Berkshire add Gulf capacity.(News)(Marsh and McLennan Companies Inc.)(Berkshire Hathaway Inc.)
- Article from:
- Business Insurance
- Article date:
- March 2, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ZACK PHILLIPS
NEW YORK-Marsh & McLennan Cos. Inc. and Berkshire Hathaway Inc. have created a windstorm property insurance program with $500 million of aggregate annual capacity for energy companies operating in the Gulf of Mexico.
Capacity has been shrinking and rates hardening for windstorm coverage in the Gulf because of a costly 2008 hurricane season, the hardening reinsurance market and the worldwide recession.
The Cost and Coverage Certainty Program, or Triple C Facility, will have a policy term of up to five years, with limits between $50 million and $100 million per occurrence, according to a Marsh statement. Attachment points ...