Oriental Assurances named as insurer for overturned Philippine ferry - sources

Philippines-based insurer Oriental Assurance has been named as the insurer for the overturned Philippine ferry, sources told Reinsurance.

Sources familiar with the situation told Reinsurance that locally-based Oriental Assurance were the insurer for the capsized 'Princess of the Stars', which overturned last week. The ferry was one of the major victims of tropical storm Fengshen, which wreacked havoc in much of the Pacific Rim last week.

Reinsurance understands that the overall exposure from the capsized 'Princess of The Stars', may be reduced after offers by the operating company to family of $4,000 per head. A total of 864