15 INSURERS WITHDRAW SUPPORT FOR NORD STREAM PIPELINE

Some 15 insurers have withdrawn their support for the controversial Nord Stream 2 natural gas pipeline project under the threat of US sanctions, according to a leaked US State Department report. The US has threatened sanctions against several companies and shipowners involved in the construction of the 1,200 km gas pipeline in the Baltic Sea. Axa, Zurich and Munich Re had already confirmed that they would no longer insure the $11bn pipeline from Russia to Europe. According to the report, the other insurers included Arch and Lloyd’s syndicates managed by Hiscox, Beazley, Aegis, MS Amlin, Chubb, Chaucer, Canopius, Tokio Marine Kiln, Aspen, Markel and Travelers. Last year, the International Group of P&I Clubs also said its members would not cover “any activity involved or related to” the Russian-led pipeline projects.