Chubb, the insurer of Baltimore's Francis Scott Key Bridge that collapsed in March, is preparing to make a $350 million payout to the state of Maryland, The Wall Street Journal reported Thursday.

The payment is expected to be authorized within weeks, the report said, citing a statement from Henry Daar, head of property claims North America for WTW, the bridge's broker.

The $350-million payout could be the first of many related to the disaster that analysts have said might cost insurers up to $4 billion, making it a record shipping insurance loss.

The tragedy that killed six people occurred after a Singapore-flagged container ship collided with the landmark bridge.

Chubb, along with Maryland and the families of the victims of the crash, will likely sue the ship owner and others to recoup losses from the crash, according to the WSJ report.

Chubb and WTW did not immediately respond to Reuters requests for comment.