Carnival lists $851 million in insurance recoverables

Cruise line operator Carnival Corporation posted $851 million in insurance recoverables in a filing for first-quarter 2012 results with the U.S. Securities and Exchange Commission (SEC).

Carnival, which reported a loss of $139 million in the quarter, said “substantially all” of the recoverables were attributable to the Costa Concordia ship, which hit rocks and capsized off the island of Giglio in Italy January 13.

The company said it wrote off the $515 million value of the Costa Concordia as it was deemed a total loss. The cruise operator noted it did not face hull and machinery insurance deductibles.