Swiss Re to advance initial insurance payment relating to World Trade Center leaseholder
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