Allianz Won't Renew Nord Stream Insurance Cover
April 06 2023 - 2:41AM
Dow Jones News
By Mauro Orru
Allianz SE doesn't intend to renew a policy providing insurance
cover for the Nord Stream pipeline when it expires later this
year.
The German insurer made the disclosure in a statement posted on
its website late Wednesday, saying the company was part of an
insurance consortium providing technical engineering insurance
cover for the operations of the Nord Stream pipeline that only
relate to the four European-based minority shareholders of operator
Nord Stream AG in Switzerland.
"This policy was underwritten prior to the Russian invasion of
Ukraine for a two-year period and we are under contractual
obligation to our policyholders subject to all sanctions," Allianz
said.
The company has been complying with all sanctions, Allianz said,
including those issued following Russia's invasion of Ukraine.
The announcement comes after Reuters reported earlier this week
that Allianz and Munich Re AG were among European insurers that had
renewed cover for the damaged Russian-controlled Nord Stream gas
pipeline.
Last year, a series of underwater explosions tore apart three of
the four main Nord Stream pipes built to carry natural gas from
Russia to Germany.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
April 06, 2023 02:26 ET (06:26 GMT)
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