(Reuters) — German insurer Allianz SE said on Wednesday it does not intend to renew a policy on the Nord Stream 1 project when it expires at the end of 2023.
Allianz said it was part of an insurance consortium that provided cover for the pipeline’s four European minority shareholders.
“The policy will expire at the end of 2023, is not currently up for renewal, and Allianz does not intend to renew this policy,” it said in a statement on its website.
“This policy was taken out prior to the Russian invasion of Ukraine for a two-year period and we are under contractual obligations to our policyholders subject to all sanctions.”
Allianz added that deal details were confidential matters between the company and its customers and could not disclose any further details.
Sources told Reuters that Allianz and Munich Re, another German firm, were among the European insurers that had renewed coverage for the damaged Russian-controlled Nord Stream 1gas pipeline.
In September 2022, several unexplained underwater explosions ruptured the Nord Stream 1 and newly constructed Nord Stream 2 pipelines, which run from Russia to Germany across the Baltic Sea.