Lloyd’s insurer Ascot pauses writing new cover for Ukrainian shipments

(Reuters) — Lloyd’s of London insurer Ascot is pausing writing cover for new shipments using the Ukrainian grains corridor until it can better understand the situation, a senior official said Monday.

Moscow said it was forced to pull out of the Black Sea grain shipping deal after blasts damaged Russian navy ships in the Crimean port of Sevastopol on Saturday.

“From today we are pausing on quoting new shipments until we better understand the situation,” Ascot Head of Cargo Chris McGill told Reuters. “Insurance that has already been issued still stands.”

Ascot and broker Marsh launched a facility for grain traders in late July to provide up to $50 million in cargo cover for every voyage.