Insurer Sept. 11 Reserves Unaffected by Recent Ruling Sep 03

  • ID: 2092073
  • September 2003
  • Standard & Poors
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  • Allianz SE
  • CNA Lloyd's of Texas
  • Hannover Re Bermuda Ltd.
  • Markel Corp.
  • PXRE Reinsurance Co.
  • The Travelers Cos. Inc.
  • MORE

A recent court ruling allowing lawsuits to proceed against the Port Authority of New York and New Jersey, Boeing, and airlines hit by the Sept. 11, 2001, terrorist attacks is not expected to cause insurance companies to re-estimate their reserves. Assuming it is upheld, the Sept. 9, 2003, ruling will have little or no impact on the creditworthiness of insurance and reinsurance companies. Insurers and reinsurers are largely holding to their initial loss estimates. Very few companies have materially adjusted their estimates since early 2002, suggesting that initial reserves were set with a worst-case scenario in mind. If any favorable developments occur, insurers and reinsurers could actually be in the unusual position of releasing reserves, generating future profits from prior...

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- The Travelers Cos. Inc.
- Hannover Rueck SE
- Swiss Reinsurance Co. Ltd.
- Liberty Mutual Insurance Co.
- Royal & Sun Alliance Insurance PLC
- CNA Lloyd's of Texas
- Hartford Financial Services Group Inc.
- Sompo Japan Nipponkoa Insurance Inc.
- AXA Re
- Alm. Brand af 1792 G/S
- Lloyd's
- Allianz SE
- Munich Reinsurance Co.
- London Assurance (U.S. branch)
- Odyssey Re Holdings Corp.
- Markel Corp.
- Employers Reassurance Corp.
- National Fire & Marine Insurance Co.
- Insurance Corp. of NY
- SCOR Reinsurance Co.
- Transatlantic Reinsurance Co.
- Finial Reins Co.
- QBE Insurance Group Ltd.
- PXRE Reinsurance Co.
- Chubb Group
- XL Capital Group
- Reinsurance Group of America Inc.
- ARIG Insurance Co. Ltd. (U.K.)
- Gerling Global Reinsurance Co.
- PartnerRe Ltd.
- XL Re Ltd.
- Zurich Group Holding
- Pennsylvania Manufacturers Assoc. Insurance Co.
- Everest Re Group Ltd.
- DaVinci Reinsurance Ltd.
- Alea Group Holdings (Bermuda) Ltd.
- Hannover Re Bermuda Ltd.
- Aspen Insurance Holdings Ltd.
- Montpelier Re Holdings Ltd.
- AXIS Capital Holdings Ltd.
- Tokio Marine Holdings Inc.
- Endurance Reinsurance Corp. of America

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