German insurer Allianz may have to cover some of the costs of the dam collapse at Vale’s Corrego do Feijao mine in Brazil, two people familiar with the matter told Reuters.
Allianz’s Global Corporate & Specialty division (AGCS) leads a consortium of reinsurers that assumed some risks from Vale’s local insurers, the sources said on Monday.
Allianz declined to comment on the exposure, which was earlier reported by the Versicherungsmonitor trade publication.
The mining dam burst on Friday, triggering a deadly mudslide which buried mining facilities and nearby homes in the town of Brumadinho, killing 60 people. Nearly 300 other people are unaccounted for.
(Writing by Ludwig Burger; editing by Alexander Smith)
Related:
Brazil Weighs Management Overhaul at Vale After Mine Disaster; Death Toll Rises
Topics Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
Toilet Paper Warehouse in California Destroyed by Fire; Employee Arrested 
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles 
How Niche Insurance Shielded Bad Bunny From Bad Weather 
