IG faces up to ~$1bn loss as probe suspects ship anchor caused California oil spill

Published: Wed 6 Oct 2021

Reinsurers on the International Group (IG) program are staring down the barrel of losses of up to $1bn as a preliminary investigation of an oil spill in California has pointed to a ship’s anchor as the likely cause of damage to an oil pipeline on the ocean floor off the coast of Huntington Beach, California.