Chubb, the insurer of the collapsed Francis Scott Key Bridge in Baltimore, is preparing a $350M payout to Maryland, which is the upper limit of the state’s coverage of the bridge, Jean Eaglesham of The Wall Street Journal reports, citing the bridge’s broker. The estimated damage is expected to be over $1B. Chubb, along with the state and families of the victims, will likely sue the shipowner to recoup its losses.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CB:
- Chubb Ltd Invests $316 Million in Self-Confidence: A Strategic Move with 1.5 Million Shares Repurchased
- Chubb price target lowered to $285 from $295 at RBC Capital
- Chubb reports Q1 core EPS $5.41, consensus $5.30
- Chubb options imply 2.7% move in share price post-earnings
- Notable companies reporting after market close