Lender sues QBE to pay $59m for recycled ships

By Najiyya Budaly (February 24, 2021, 16:57 GMT) – A maritime financier has sued a group of insurers, including QBE Insurance Group, for $59 million under a policy he says was designed to pay him back after the owners of a fleet of ships that borrowed $75 million from the lender dumped the ships for recycling.

Yieldstreet Marine Finance LLC said in a newly released complaint form Feb. 8 that 13 underwriters, including QBE Underwriting Ltd., MS Amlin Underwriting Ltd. and Axis Managing Agency Ltd., should pay to pay under two mortgagee interest insurance policies. One of the one-year policies started on April 19, 2018 and the…

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