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Hannover Re expects nearly $54M loss in oil rig explosion

Michael Bradford

April 28, 2010 Reprints

Catastrophes Hannover Re More + Less -

HANOVER, Germany—Hannover Reinsurance Co. said Wednesday that it expects a loss of about €40 million ($53.5 million) in the explosion that sank the oil drilling rig Deepwater Horizon and left 11 workers missing in the Gulf of Mexico.

Ulrich Wallin, the reinsurer’s CEO, said in a statement that despite the loss, Hannover Re remains “considerably below our major loss expectancy for the second quarter.”

The rig, owned by Swiss company Transocean Ltd. and operated by BP P.L.C., sank April 20 in the Gulf of Mexico after an explosion of undetermined causes.

As of Wednesday, crews continued work to stop the flow of oil and clean up the massive spill that resulted from the blast.

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Hannover Re expects nearly $54M loss in oil rig explosion

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