Marsh: New mechanism to provide insurance up to $ 500 millio

 

Wednesday, Mar 25,2009, 12:12:11 PM   Click:

Marsh, the leading global insurance broker and risk adviser, has announced a one-of-a-kind program of property insurance that can provide up to $ 500 million of annual capacity in Overall, wind for the losses incurred by all participants of the oil and gas companies operating in the Gulf of Mexico during a year.

Marsh's certainty and the cost of the program, known as Triple C Facility, was developed in collaboration with the Berkshire Hathaway Group. The Triple C facility is designed to provide oil and gas companies operating in the Gulf of Mexico, with insurance coverage, at an aggregate level, with price stability, and for a period of five years. Endorsed by members of the Berkshire Hathaway group, the program is available exclusively through Marsh.

"The series of severe hurricanes that hit the Gulf of Mexico over the past five years have drained capacity of insurance and many companies with little energy, if any, alternatives to obtain the levels of coverage they need for stable prices, "said Jim Pierce, Chairman of Marsh's Global Energy Practice. "We believe that the Triple C Facility to address a serious exposure for these companies in an extremely difficult economic conditions when the effects of a large uninsured loss can be devastating."

The Triple C Facility participating companies offer flexibility in the design and structure of coverage, including the choice of the limits of $ 100 million per event or $ 50 million per occurrence and a variety of attachment points, from $ 20 million to $ 250 million per event.

Additional information regarding the installation of Triple C, are available by contacting Bertil Olsson, CEO, Marsh energy practice in Houston, 713-276-8711.

Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in various activities, including insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services. Capital of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B. Berkshire Hathaway is composed of certain subsidiaries of the insurance company Berkshire Hathaway Inc

Marsh has 24,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies, Inc. (MMC), a professional services firm with over 54,000 employees and annual revenues exceeding $ 11 billion. MMC also is the parent company of Guy Carpenter, a specialist risk and reinsurance, Mercer, the provider of human resources and financial advice and services, Oliver Wyman, the management board and Kroll, the consulting firm risks. MMC stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges.