Petrobras hits the road in search of improved reinsurance terms

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Brazilian state owned oil company Petrobras is renegotiating the reinsurance for its platforms, refineries and third party policies. The company is seeking a cost reduction even though natural disasters affected reinsurers in 2005. Jorge Nahas, Petrobras director, argues that “we are outside the danger area; we are financially strong and had no insurance recoveries since 2001 except for a sunken vessel”. Insured assets are about US$45.7bn.