The SCA had demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue before publicly lowering the request to $550 million.

“We agreed to settle this issue in a peaceful way without going through the courts and agreed on a final settlement. The deal is being drafted and will be reviewed,” Suez Canal Authority (SCA) Chairman Osama Rabie told a local Egyptian television programme late on Wednesday.

 “With the global roll-out of the COVID-19 vaccines, we are cautiously optimistic that by the time the 17th SIRC is staged in November, some of the Safe Management Measures and travel restrictions that are currently in place will be eased so that we can welcome some of our loyal international supporters back to our shores. Hence, our Secretariat is already drawing up plans for a ‘hybrid event’, combining a virtual segment similar to the SIRC 2020 Re-Mind event that was organised last year, with a scaled-down ‘live event’ that will incorporate all health and safety protocols aligned with the prevailing SMMs mandated by the relevant authorities.”Marc Haushofer, Chief Executive Officer, Asia Pacific & Executive Vice President of Validus Reinsurance Company, who has also been reelected as the SRA Chairman, for 2021-2022

Unlike traditional syndicates, Syndicate 1988 will be futuristic – it will not have a box at Lloyd’s and through the application of technology will be operated with a lower level of resources than traditional syndicates. Matt Taylor, of CFC, is the Active Underwriter.