Limit of $700m from Jupiter leaves BP exposed to $70bn
BP’s $6bn (£3.98bn) Guernsey-based captive insurer Jupiter will pay out only $700m for the Gulf of Mexico oil spill leaving the firm exposed to $70bn in liabilities, the Sunday Express reports.
It quotes an un-named source saying: “Jupiter’s retention is limited to $700m for any one event, which means the maximum it will payout is $700m. The rest will be down to BP.”
BP is facing liabilities of up to $70bn according to estimates by Goldman Sachs. It has already put $20bn into a special US clean up fund after intense political pressure.
It is thought that BP has taken out cover worth an estimated total of $1bn to $1.3bn at Lloyds.
Websites
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
