Lloyd’s of London also confirmed that some of the insurance for the concerts had been placed at Lloyd’s but added that losses are not likely to be significant
Talbot Underwriting has confirmed that it provided event cancellation cover for AEG Live, the promoter of Michael Jackson’s O2 concerts. “We have 25% participation but we are not the lead,” said Rupert Atkin, chief executive of Talbot.
It added that it “has limited potential exposure to any contingency loss arising from the untimely death of Michael Jackson and that its net exposure is less than $3m”.
According to a source familiar with the situation the lead of the event cancellation policy is Cathedral Underwriting with 50% exposure. Cathedral confirmed that it provides event cancellation policies but would not comment on whether it had covered Michael Jackson’s gigs.
Reports in the UK press said broker Robertson Taylor, a subsidiary of Oxygen Holdings, placed the cancellation cover on behalf of AEG Live. Robertson Taylor refused to comment.
The total cancellation policy stands at $18m according to reports. Revenues from ticket sales, including VIP packages, are estimated at $100m, and sales from merchandise would have fetched $15m.
Michael Jackson passed away aged 50 on Thursday, 25 June. He was due to perform 50 concerts at the O2 arena from 13 July.