P&O Ferries mounting insurance bill could push it to bankruptcy – report

By 20th April 2022 May 5th, 2022 News

The fallout from British shipping company P&O Ferries’ sacking of 800 workers via video call last month continues.

Facing mounting insurance bills after the firm’s safety rating sank to the “riskiest bracket” in the aftermath of its firing of hundreds of seafarers and replacing them with low-wage agency staff, industry insiders believe the situation could push the company into bankruptcy.

Speaking to City A.M., Bruce Hepburn, chief executive of London-based insurance buyer Mactavish, said: “This fall from a medium rating to now the lowest one will see P&O face a sky-high insurance bill.”