Growing oil spill in Gulf of Mexico could cost insurers $1.5 billion | al.com

Growing oil spill in Gulf of Mexico could cost insurers $1.5 billion | al.com: "The growing oil spill in the Gulf of Mexico, caused by a leaking BP Plc well, may cost the insurance industry as much as $1.5 billion in claims, according to Transatlantic Holdings Inc.

Transatlantic, the reinsurer divested by American International Group Inc., said its own costs from the spill may be less than $15 million, according to the company's earnings conference call held earlier today. PartnerRe Ltd., the reinsurer that purchased Paris Re Holdings Ltd., faces claims of $60 million to $70 million, it said in a statement today."