Swiss Re to advance initial insurance payment relating to World Trade
22 Oct 2001
Swiss Re today announced
it is taking steps to provide an initial payment to all those insured
for the Word Trade Center property, including The Port Authority of New
York and New Jersey, so that they are able to meet short-term obligations.
Swiss Re joins numerous other insurers in expediting this cash advance.
"Swiss Re has committed special resources to help clients manage
these unprecedented claims and today's move to expedite an initial payment
is part of this ongoing effort," said Jacques Dubois, Member of the
Executive Board of Swiss Re. "For nearly 140 years, Swiss Re has
been committed to assisting people, businesses and cities recover from
tragic events. In the United States we have demonstrated that commitment
many times, from the 1906 San Francisco earthquake to Hurricane Andrew
in 1992 and as recently as Tropical Storm Allison this year. Consistent
with this past history, Swiss Re is dedicated to participating in the
recovery and rebuilding of New York."
As an effort to speed the claims payment process in New York, Dubois also
said that Swiss Re has asked the U.S. Federal Court for the Southern District
of New York in Manhattan to confirm that the September 11 collapse of
the World Trade Center is one insured loss. The request also seeks direction
from the court with respect to the question of to whom the insurance payments
should be made. "In seeking a declaratory judgment, Swiss Re asks
for greater clarification in order to continue the process of assisting
clients impacted by the tragedy and to ensure that payments are promptly
made to the appropriate parties," said Dubois.
Swiss Re information
Swiss Re is one of the world's leading reinsurers with over 70 offices
in more than 30 countries. In the 2000 financial year, gross premium volume
amounted to CHF 26.1 billion and the net income after tax reached CHF
3 billion. Swiss Re is rated "AAA" by Standard & Poor's,
"Aaa" by Moody's and "A++" (superior) by A.M. Best.
Swiss Re's operating cash flow for the first six months of this year was
over CHF 2.8 billion, in addition Swiss Re has a CHF 101 billion investment
portfolio backing its reserves and shareholders equity.
More detailed information about the worst catastrophes over the last thirty
years is available from sigma, Swiss Re's independent economic research
& consulting unit.
Contact: Swiss Re Media Relations, New York, tel. +1 212 317 5640