Captain at centre of cruise ship disaster

Reuters
By Laura Viggiano and James Mackenzie | NAPLES, Italy (Reuters) – Francesco Schettino, the captain of the doomed cruise liner Costa Concordia, knew as soon as his ship struck a rock off the island of Giglio on January 13 that he had made a catastrophic error and a 30-year career at sea was ending in disgrace. Bringing the 114,500 tonne vessel to within a stone’s throw of shore, he had intended to perform a “salute” to the island for the benefit of Antonello Tievoli, the ship’s head waiter and a native of Giglio.

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Rescued! The Costa Concordia teddy bear

Independent Online
ioL news
Divers combing the wreckage of the grounded Costa Concordia risked their lives to rescue a teddy bear left behind by a child during the evacuation of the ship.Taking advantage of a break in the bad weather, searchers pinpointed the cabin where a surviving child had left his teddy bear. His father had written to islanders who temporarily sheltered his son and himself after they were evacuated and mentioned the boy couldn’t sleep at night without his bear.

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Italy: Cruise ship fallout hits oil and gas producers

Financial Times
Italy’s oil and gas industry – including large international companies – has become an unexpected casualty of the sinking of the Costa Concordia cruise liner. Parliamentarians and industry sources say Mario Monti’s technocratic government has caved in to pressure from environmental lobbies worried about a serious oil spill from the ship by withdrawing planned legislation that would have eased restrictions on mineral exploration and production in Italy.

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TEXT-S&P on pressures facing international marine P&I

Reuters
“We also believe the recent high-profile loss arising from the grounding of the ‘Costa Concordia‘ may prove to be the greatest demonstration yet of the resilience of the International Group of P&I Clubs (IG) structure.” during the financial year ended February 2011, risk-based capital adequacy improved–likely to its best-ever level–supported mainly by continued improvements in underwriting results and the somewhat unexpected resilience of investment returns. However, there are signs of pressure on this strengthened level of capital, which may yet cause us to view the sector and even some individual clubs slightly less positively.

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Flagstone Says Adverse Development, Thailand Flood to Impact Q4

PropertyCasualty360

The Costa Concordia cruise ship disaster is not expected to affect Flagstone’s 2012 results, the Luxembourg-based global reinsurer says. Flagstone reported a net loss for the 2011 third quarter of 59.5 million, compared to net income of $37.3 million in the 2010 third quarter. In October, Flagstone Re announced a new business focus on property, property catastrophe and highest-margin short tail specialty reinsurance.
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