Steamship Mutual reserves $95mn for Sanchi P&I loss

Carriers on the reinsurance programme of the International Group
(IG) have narrowly averted a pay-out after reserves for pollution
claims arising from the loss of the Sanchi oil tanker were
set below $100mn.
Steamship Mutual has set reserves at $95mn for the protection
and indemnity (P&I) claim arising from the sinking of the
Iranian tanker, below the $100mn threshold required for the
reinsurance programme to kick in.
In addition to P&I cover the tanker has $32mn of hull and
machinery...