Lloyd’s, Arch Insurance, and other insurers have been taken to court by Swiss consortium Nord Stream, which was denied coverage following damage to its Baltic Sea pipelines due to underwater explosions of unknown cause.
A report by the Financial Times said Lloyd’s and Arch are listed as representative defendants in the UK High Court case, with the centuries-old marketplace among Nord Stream’s primary insurers while Arch led the excess cover providers.
The gas pipelines, while not operating at the time, were damaged following explosions in international waters in 2022. Both Ukraine and Russia had denied involvement. Germany continues to investigate the cause, after Denmark and Sweden ended their probes due to lack of evidence.
Citing information from litigation data analysis group Solomonic, the Financial Times said Nord Stream’s claim is among the biggest filed in the High Court in the past 12 months.
“We are not in a position to provide any detailed comments to the legal proceedings,” the claimant was quoted as saying, while the defendants declined to comment.
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