The marine hull market could see a $75m claim on a cover led by Convex after engineering Fujing 001 (MMSI 414607000) sank in the South China Sea, reports Insurance Insider.
Convex is an international specialty insurer and reinsurer founded in 2019 by Catlin veterans Stephen Catlin (chairman) and Paul Brand (CEO).
The offshore wind installation vessel was hit by Typhoon Chaba in the South China Sea On July 2nd. About 26 of the 30 crew on board were thought to have perished, with 12 bodies recovered and 14 still missing. Typhoon Chaba dragged the Fu Jing 001 from its anchorage offshore Yangjiang, eventually breaking the anchor chains and setting the vessel adrift. Eventually it broke in two in heavy seas, making any rescue of the crew on board complex and dangerous
