Gallagher Specialty said the reserve associated with the 2024 destruction of Baltimore’s Francis Scott Key Bridge is likely to rise further. It already stands at more than $1bn higher than the previous record payout linked to the 2012 sinking of the Costa Concordia cruiseship.   The Singapore-flagged containership lost power before striking the Key Bridge in March 2024, killing six construction workers and closing Baltimore’s main shipping channel.    The casualty has since generated claims from government agencies, infrastructure owners, businesses, cargo interests and victims’ families.      The Dali loss has now moved into the International Group’s collective overspill reinsurance protection, effectively pushing beyond the conventional group excess-of-loss programme applicable to the casualty year.   Around $300m of purchased overspill protection remains available on rounded estimates, meaning shipowner members have not yet been hit with an overspill levy.    More than two years after the Dali casualty, physical construction of Baltimore’s replacement Francis Scott Key Bridge is finally underway. Crews are driving permanent piles, building an over-water construction trestle and removing remaining sections of the old bridge and marine foundations. The replacement will feature a 1,665 ft cable-stayed main span, around 230 ft of vertical clearance and substantially greater separation and protection around the navigation channel. The project has, however, become far larger and more expensive than first envisaged, with the current cost estimate at $4.3bn-$5.2bn and completion now targeted for late 2030.