Catco prepares for Ghana loss – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Catco prepares for Ghana loss

Reinsurance firm Catco has set aside capital to cover potential losses involving a floating production platform at an offshore oilfield in Ghana waters.

A statement from the firm said: “This loss reserve covers 100 per cent of the company's offshore energy exposures for any of its industry loss warranty contracts up to an industry insured loss of $1.35 billion and represents more than 40 per cent of the company's total offshore energy exposure of around 8 per cent of net asset value.”

The potential loss comes from the Jubilee field, about 25 miles offshore from Ghana and involves a floating production, storage and offloading system — a ship-like structure moored in place and an alternative to a platform fixed to the seabed.

The Catco statement said: “Technical issues with the FPSO system identified in quarter one, 2016 are expected to result in losses in relation to business interruption, joint hull and machinery policies.”

The statement added that the unaudited net asset value of the company's ordinary and C shares stood at $1.27 and $1.02 respectively at close of business on Wednesday, August 31.

Technical issues: claims are expected to arise for Catco from problems with a floating production platform off Ghana

You must be Registered or to post comment or to vote.

Published September 20, 2016 at 9:00 am (Updated September 19, 2016 at 10:15 pm)

Catco prepares for Ghana loss

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon