March 2004/5

WTC leaseholder Silverstein Properties and insurers led by reinsurance giant Swiss Re are litigating over which contractual wordings the various parties used in placing the building’s insurance cover.

Ratings agency AM Best downgraded Swiss insurer Winterthur Swiss Insurance Company and its subsidiary Winterthur Life last Tuesday (16 March) over capital concerns.

Although less than some estimates, the impending IPO of insurer Catlin Group Ltd will still value the firm at a premium to many of its peers.

Equitas has continued its policy of dealing with its largest (re)insurance exposures to asbestos and environmental claims by reaching a $245mn comprehensive settlement of all outstanding policies with US property casualty insurer Travelers.