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Lloyd's of London

Lloyd's funding decision

Lloyd's of London, the world's leading insurance market, announced today that it has reached agreement with the New York Insurance Department in conjunction with National Association of Insurance Commissioners (NAIC) on the funds required for its "Credit ... read more >>

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Author:
Andrew Bolger

Lloyd's needs Ł1.5bn more to cover reinsurance claims

Lloyd's of London faces an additional Ł1.5bn strain on its liquidity following the September 11 attacks on the US. US regulators yesterday reversed a relaxation of the rules governing how much of its funds the UK-based insurance market must deposit in ... read more >>

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Author:
Adrian Michaels

Gloves off as Swiss Re questions WTC claim

One of the world's biggest insurance companies has taken the most aggressive step to date to put a ceiling on its losses from the attacks on the World Trade Center. Swiss Re, in papers filed in a US federal court, has issued a legal attack on Larry ... read more >>

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Author:
Andrew Bolger

Lloyd's of London to be checked by US regulators

US insurance regulators are to check the financial strength of the Lloyd's of London insurance market in light of the September 11 terrorist attacks. Lloyd's has estimated that the market's net exposure to the World Trade Center attacks will be Ł1.3bn ... read more >>

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Author:
Andrew Bolger

Lloyd's could face gross liabilities of up to Ł7bn

Lloyd's, the London insurance market, could face gross liabilities of up to Ł7bn ($10.25bn) arising from the terrorist attacks on the US, according to Fitch, the ratings agency. Lloyd's last week estimated its exposure at Ł1.3bn - the biggest single loss ... read more >>

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Author:
Warren Buffett

Memo to Berkshire Hathaway Managers

The last few weeks have been tough times for all of us in our personal lives and for many of us in our business activities. At Berkshire we have estimated our September 11 insurance loss was $2.2 billion. We've labeled this a "guess" because that's all it ... read more >>

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Author:
Jane Croft

Lloyd's sees cost of terrorism topping Ł1.3bn

The Lloyd's of London insurance market said on Wednesday it expects its total losses from the terrorist attacks on the US will top Ł1.3bn ($1.9bn) but insisted it could withstand the impact. Since the attacks, Lloyd's has been reluctant to quantify its ... read more >>

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Swiss Re

Update on tragic events in the United States

The tragic events in the United States continue to sadden Swiss Re. Although the human tragedy remains our primary concern, over the past several days we have worked hard reviewing Swiss Re's financial exposure to this event and the impact on the economy ... read more >>

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Author:
Munich Re

Munich Re loss burden from the terrorist attack in the USA estimated at Ł2.1bn

Based on the information available at this time and taking into account conceivable loss scenarios, Munich Re has estimated its possible pre-tax loss burden at €2.1bn. This would be 11.5% of its reinsurance premiums of €18.3bn for the business ... read more >>

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Swiss Re

Swiss Re statement on tragic events in the United States

Swiss Re has many times in its history been faced with the consequences of large catastrophes. Even though this is one of the largest loss events possible, Swiss Re's financial strength is not in doubt and the fundamentals of the company will not change. ... read more >>

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Author:
Munich Re

Munich Re: Deep shock at the human dimensions of the attacks in the US

The loss events will involve commitments of up to €1bn for Munich Re and are thus equivalent in size to its claims costs for major natural catastrophes in the last ten years Press release of 12. September 2001 Munich Re: Deep shock at the human ... read more >>