Insurer Chubb prepares to pay $350 mln in Baltimore bridge collapse, WSJ reports (updated)

Chubb

02/05/2024 12:22

(Adds Chubb's response in last paragraph)
       May 2 (Reuters) - Chubb  CB.BN , the insurer of
Baltimore's Francis Scott Key Bridge that collapsed in March, is
preparing to make a $350 million payout to the state of
Maryland, the Wall Street Journal reported on Thursday.
    The payment is expected to be authorized within weeks, the
report said, citing a statement from Henry Daar, head of
property claims North America for WTW  WTW.O , the bridge's
broker. 
    The $350-million payout could be the first of many related
to the disaster that analysts have said might cost insurers up
to $4 billion, making it a record shipping insurance loss. 
    The tragedy that killed six people occurred after a
Singapore-flagged container ship collided with the landmark
bridge.
    Chubb, along with Maryland and the families of the victims
of the crash, will likely sue the ship owner and others to
recoup losses from the crash, according to the WSJ report. 
    Chubb declined to comment, while WTW did not immediately
respond to a Reuters request for comment.    

 (Reporting by Niket Nishant in Bengaluru; Editing by Shinjini
Ganguli)
 ((Niket.Nishant@thomsonreuters.com;))