Australia-based insurers are among a group of 27 underwriters who have settled a property damage claim of $86 million from miner Mount Gibson Iron, according to Arthur J Gallagher.

The sum includes $1.85 million paid to the WA company last year.

“There are 27 specialist global mining insurance companies on the panel, including two pre-eminent reinsurers,” a spokesman for Arthur J Gallagher told insuranceNEWS.com.au.

“These insurers are based in Australia, Singapore, Europe and London.”

Arthur J Gallagher arranged insurance for Mount Gibson Iron’s Koolan Island iron ore mine in the Kimberley.

The mine’s main-pit seawall collapsed in November 2014, which caused flooding and forced the suspension of all operations.

“This is one of the most technically challenging and complex claims in Australian history… our team’s deep capability and expertise in the mining industry, coupled with tailored policy wordings and strong negotiation skills, have been instrumental in the successful conclusion of this matter,” GM Mining and Construction Colin Todhunter said.

Mount Gibson Iron is in talks with its insurers for a separate claim relating to the business interruption component of its policy.

The listed company was forced to take a huge non-cash impairment charge after the seawall collapsed, resulting in a net loss of $869.8 million in the half-year to December 31 2014.