Munich Re won’t proactively prolong protection for the Nord Stream 1 pipeline when it expires later this 12 months, a spokesperson informed Reuters on Thursday.
The choice follows an announcement by Allianz on Wednesday that it doesn’t intend to resume the coverage.
Munich Re didn’t elaborate.
In its earlier assertion, Allianz stated it was a part of an insurance coverage consortium that supplied protection for the pipeline’s 4 European-based minority shareholders.
Sources informed Reuters that Allianz and Munich Re had been among the many European insurers that had beforehand renewed protection for the broken Russian-controlled Nord Stream 1 gasoline pipeline.
In September 2022, a number of unexplained underwater explosions ruptured the Nord Stream 1 and newly constructed Nord Stream 2 pipelines, which prolong from Russia to Germany throughout the Baltic Sea.
(Reporting by Tom Sims, modifying by Friederike Heine, Kirsti Knolle)
{Photograph}: The Nord Stream 1 Baltic Sea pipeline and the switch station of the OPAL gasoline pipeline, the Baltic Sea Pipeline Hyperlink, in Lubmin, Germany, on Wednesday, July 20, 2022. Photograph credit score: Stefan Sauer/dpa by way of AP.
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