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Member, Beacon International Group, Ltd.
LONDON—Contingency coverage for a portion of Michael Jackson's scheduled tour was placed by Robertson Taylor Insurance Brokers Ltd., with some coverage written in the Lloyd's of London market, sources in London said.
Mr. Jackson, whose 50-show tour was set to begin next month in London, died Thursday in Los Angeles.
The losses to the contingency market—which includes event cancellation coverage—are likely to be limited because underwriters declined to cover the entire tour, sources said.
Only a portion of the event cancellation coverage was placed in London, with Talbot Underwriting writing part of the risk, sources said.
"We can confirm that some insurance for Michael Jackson's concerts has been placed in the Lloyd's market, but any losses are not likely to be significant," a Lloyds spokesman said.
Talbot parent Validus Holdings Ltd. said in a statement that Talbot has a maximum net exposure of less than $3 million, net of reinsurance.
Robertson Taylor, a unit of Oxygen Holdings P.L.C., declined to comment.