In spite of the early economic damage estimate from the Deepwater Horizon oil rig explosion, insurers may be able to breathe an initial sigh of relief at the news coming out of Standard & Poors (S&P), which is predicting limited claims losses as a result of the spreading disaster.

In a report published yesterday on RatingsDirect, the New York ratings firm reports that despite the spread of the oil and its related contamination, the losses will be spread among multiple markets and reinsurers.

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