OREANDA-NEWS. April 26, 2010. European Bureau branch (Moscow) of Transsiberian Reinsurance Corporation, OJSC paid RUR 477 thousand (USD 16.5 ths) to Ugoria Insurance Company, OJSC for the loss of dry cargo vessel “Nakhichevan” (date of built – 1966, displacement – 2500t, registration port and flag – Rostov-on-Don, Russia). Risk was accepted under XL Marine reinsurance contract through Russian insurance broker Societe de Courtage Re.

The insured event took place in Kerch Strait on 11 November 2007. During 7-force storm, m/v “Nakhichevan” with sulfur (2.4 thousand tons) sank nearby port Caucasus. The storm of 11 November caused lots of accidents at Sea of Azov and Black Sea: four vessels sank, six vessels grounded and several were damaged.

The event was admitted insured. Total loss made up RUR 9m with 5.3% share of Transsiberian Re. After receipt of full loss portfolio Transsiberian Re European Bureau paid RUR 477 thousand of its share less reinstatement premium. Societe de Courtage Re was acting as reinsurance broker in this placement.