Allianz Has Reinsurance Exposure to Vale Dam Disaster: Sources

By | January 29, 2019

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

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