Excess Insurers Prevail In Row Over Carlyle's $396M Oil Loss

Law360 (July 23, 2020, 9:32 PM EDT) -- A New York judge has ruled that Carlyle Group affiliates cannot tap into excess insurance from underwriters at Lloyd's of London to cover part of the nearly $396 million in crude oil they lost when a Moroccan oil refinery was seized in 2015, holding that the losses did not trigger the policy's coverage for theft.

Justice O. Peter Sherwood granted the underwriters' motion for summary judgment, rejecting Carlyle's assertion that its oil was essentially stolen by refinery operator Societe Anonyme Marocaine de l'Industrie du Raffinage, or SAMIR.

Instead, after reviewing the evidence in the record, the judge concluded that Carlyle's losses...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!