Royal & SunAlliance (R&SA) and XL are facing large marine losses after three vessels suffered severe damage within four days of each other.
The marine insurance market is predicting losses of about $250m following an explosion on board container ship Hyundai Fortune off the coast of Yemen on 21 March; followed by a fire which engulfed 100 cabins on board Caribbean cruise liner the Star Princess; and the sinking of late-night ferry Queen of the North in British Columbia.
Insurance Times understands both insurers are represented on all three risks. XL and R&SA declined to comment.
