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Zurich, Chubb Agree To Pause Shipping Insurance Payout Suit

Law360, London (February 27, 2019, 6:20 PM GMT) -- A London judge has halted legal action brought by subsidiaries of insurance giants Zurich, Chubb and QBE against a ship owner over costs relating to the transfer of nearly 82 million metric tons of insured oil, after the parties reached an out-of-court agreement.

The claim — which was brought by the insurers’ Singaporean units and the cargo’s owner, KIB Energy PTE Ltd., against Argo Global Trading FZE — has been stayed in the High Court because the parties agreed to terms of a settlement on Feb. 21.

“All further proceedings in this matter, whether on the action or the counterclaim, [will]...

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