Lloyd's says losses 'not likely to be significant'
Lloyd's has confirmed insurance for the Jackson concerts was placed with the market, but any losses 'are not likely to be significant'.
First estimates of exposure as a result of the singer's death are up to the $400m mark. The losses will revolve around event cancellation insurance.
A Lloyd's spokesman said: "We can confirm that some insurance for Michael Jackson’s concerts has been placed in the Lloyd’s market, but any losses are not likely to be significant.”
The king of pop had planned a 50 concert tour in Britain.
Latest reports are that Jackson was rushed to hospital in Los Angeles from his home in the Bel Air district while paramedics tried to restart his heart after a suspected cardiac arrest.
Jackson had been due in Britain next month to play his first concert in London on July 13. On May 20 he delayed the opening four nights of his record-breaking UK comeback tour of 50 concerts at the O2 Arena because he said he needed more time for dress rehearsals.
The Times said: “To gain insurance for the concerts Jackson underwent a four-hour medical examination, after which he was declared to be in good health.”
More than £50m worth of tickets had been sold for the British concerts, which would have been Jackson’s first solo performances for 12 years. His deal with AEG Live included an option to extend the concerts with dates throughout Europe, Asia and North America over the next three years.
A post-mortem examination and toxicology tests will be carried out on Jackson’s body by the Los Angeles coroner.