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Reinsurer/insurer early WTC loss estimates near US$6.5 billion


September 17, 2001   by Canadian Underwriter


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Loss estimates so far disclosed by reinsurers and insurers relating to the terrorist attacks of last week against the World Trade Center have reached a total of about US$6.4 billion. A number of companies expected to have large exposures have not yet reported their loss estimates. Among these are The St. Paul Companies and Lloyd’s of London, of which the latter is likely to be facing a combined loss from property, casualty and aviation of US$1 billion-plus, according to broker sources. All of the companies having issued loss estimates state that losses will not undermine their financial stability. Listed below are the companies that have reported loss estimates (these figures are approximates and are not indicated to whether they are net of tax):
ACE Ltd.: US$400 million;
American International Group Inc.: US$500 million;
Allianz Group: US$630 million;
CGNU plc.: US$50 million;
The Chubb Corp.: US$200 million;
Employers Reinsurance Corp.: US$600 million;
Hannover Re: US$360 million;
Markel Corp.: US$75 million;
Munich Re: US$900 million;
Odyssey Re Holdings: US$80 million;
PartnerRe Ltd.: US$400 million;
The SCOR Group: US$200 million;
Swiss Re: US$900 million;
Zurich Financial Services: US$400 million;
XL Capital Ltd.: US$700 million.