BP’s captive reinsured with several Lloyd’s insurers

Lloyd’s could have to pay out more than $1.3bn (£863.7m) for BP and Transocean’s Deepwater Horizon oil spill in the Gulf of Mexico, the Express reports.

It claims that BP’s captive insurer Jupiter has taken out cover worth an estimated total of $1bn to $1.3bn at Lloyd’s spread among several insurers.

Some estimates put the total cost at $16bn (£11bn).