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Swiss Re wins WTC ruling.

After the September 11 attacks on the World Trade Center, the WTC leaseholder had argued that the twin towers constituted two insured events. Hence, he should be able to collect twice the amount on the policy.

Recently, however, Swiss Re managed to prove its interpretation of the insurance policy for the WTC and gained the backing of the jury. Swiss Re's liability for the World Trade Center (WTC) is now to be limited to $877 million.

The jury in New York supported Swiss Re's claim that it had signed up to a policy that clearly defined the destruction of the twin towers as one event.

The Zurich-based company is the most exposed of the insurers of the WTC. It underwrote 22 per cent of insurance, which means it faces a bill of CHF1.14 billion.
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Title Annotation:Financial News
Publication:Swiss News
Date:Jun 1, 2004
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