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Russia: Ingosstrakh pays $24.4 million in compensation for lost satellite

February 17, 2014 - 6:00am

Russia's Ingosstrakh Insurance Co. said it has paid 857 million Russian rubles ($24.4 million) in compensation related to the loss of Russian satellite Express MD1 in July 2013, Forinsurer reported.

The incident involved the satellite losing orientation, a risk that was covered in the insurance contract.

The risk was reinsured with international reinsurers.

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