Shipowner Drops Repair Cost Suit Against Insurers

Law360, London (September 25, 2020, 8:14 PM BST) -- A shipowner suing insurers for coverage for £200,000 ($254,000) in losses over a damaged ship has agreed to end its case, seven months after a judge paused it so the sides could pursue settlement talks.

Golden Pacific International & Holdings (S) Pte Ltd. has withdrawn its suit against nine insurers — which include Royal & Sun Alliance Insurance Ltd., HSBC Insurance (Singapore) Pte. Ltd. and several syndicates from Lloyd's of London — and the parties have agreed to discontinue the case, a Sept. 21 filing says.

The withdrawal comes after the court signed off on a consent order in 2019 giving...

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