Let's just clear up one very important point that the market and analysts are missing.
Syndicate 1036 which QBE is the lead underwriter for has insured the physical asset (the rig), the reinsurance for this policy is with Hannover and Munich. QBE's exposure will be minimal.
Any environmental damage is covered by the operator, which in this case is BP. It's just the norm in the industry for the shear fact that insurers will not take on risks of that magnitude. That's why all the majors have their own captive insurance programmmes.
Pep
Let's just clear up one very important point that the market and...
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