Underwriters settle for flat Costa hull renewal

The 1 June hull and machinery (H&M) and increased value (IV) renewal placement for loss-hit cruise operator Costa Crociere has settled for flat pricing on the basis that the insured would not collect a no-claims bonus, The Insurance Insider understands.

Following the high-profile $500mn total loss of the Costa Concordia in 2012, the expiring placement had incorporated a loss addition premium (AP) and pushed the rate up 50 percent in cash terms from $30mn to around $45mn.

Underwriters settle for flat Costa hull renewal Insurance insider