NEW YORK (Standard & Poor's) Oct. 2, 2001--The four major engines of global reinsurance--Swiss Re, General & Cologne Re, Munich Re, and Employers Re--form the backbone of a financially sound insurance response to the World Trade Center attack of Sept. 11, according to a report published by Standard & Poor's today. The report takes issue with the gloomy forecasts of some analysts, who call into question the claims-playing ability of the secondary insurance market. Rather, the report contends, the terrorist act will increase demand for insurance products in general and boost pricing, and these forces will in time enable reinsurers to replenish the capital they lost in 2001. "Reinsurers will not only provide the critical financial backing for payouts resulting...
Companies mentioned in this report are:
- Swiss Reinsurance Co. Ltd.
- Westport Insurance Corp.
- Munich Reinsurance Co.
Action: S&P Event
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Research type: News
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