Two UK-listed London insurers have confirmed they will take a hit from the Baltimore bridge disaster.

Hiscox said that it would expect the net loss for the group to be moderate, owing to reinsurance measures in place, while Lancashire said that its potential exposure was “within our expectations”.

The admissions by the marine market players came after reports that Chubb, the insurer of the Francis Scott Key Bridge, was preparing to pay $350m to the US State of Maryland.