BigFoot claim settled for $550mn

The upstream energy market has settled a major construction
claim related to the faulty BigFoot Gulf of Mexico platform for
less than many in the sector had first feared, The
Insurance Insider can reveal.
Lead insurer Munich Re Underwriting struck the deal at the
outset of the year, with carriers agreeing to pay out $550mn to the
Chevron-led joint venture.
Carriers in the market are pleased with the agreement, given
fears that the loss could spiral towards the high hundreds...