MS Amlin and Ascot main insurers on $400mn marine claim

MS Amlin is the main insurer for a $400mn marine cargo claim being submitted by Canadian commodity hedge fund vermillion stemming from a lost shipment of oil. Ascot has been reported as the main insurer on the first excess layer on the placement which is exposed to a $250mn loss. The lost shipment has been attributed to the closure of Moroccan based oil refinery Société Anonyme Marocaine de l'Industrie du Raffinage (Samir). Production ended at the Samir refinery following the drop in oil prices in 2014 and 2015. Sources have said that the amount liable and the policy that would have to pay out haven’t been fully established due to confusion caused by allegations of misappropriation. Ordinarily any loses from misappropriation would be picked up by political risk teams but many expect this particular incident to be covered by the companies marine cover. Allegations of misappropriation were made last year without any clear identification as to who or where the misappropriated oil had been taken.