Allianz to fight US court ruling on WTC attacks

7th December 2004, Comments 0 comments

7 December 2004 , MUNICH - German insurance concern Allianz said on Tuesday it would fight a US jury decision in New York which doubled the amount of insurance which the leaseholder of the destroyed World Trade Centre towers could collect from nine insurance firms. A spokeswoman at Allianz headquarters in Munich said the company would use every legal means to challenge the court decision. She said it would add EUR 80 million to the damages which the company's US subsidiary was expecting to have to pay. All

7 December 2004

MUNICH - German insurance concern Allianz said on Tuesday it would fight a US jury decision in New York which doubled the amount of insurance which the leaseholder of the destroyed World Trade Centre towers could collect from nine insurance firms.

A spokeswoman at Allianz headquarters in Munich said the company would use every legal means to challenge the court decision. She said it would add EUR 80 million to the damages which the company's US subsidiary was expecting to have to pay.

Allianz had estimated the total damages facing the insurance companies at some EUR 1.5 billion. This estimate was based on the assumption that the 11 September 2001 airplane attacks on the WTC towers was a single event.

The company in Munich was reacting to the Manhattan federal jury decision in which the attacks on the WTC were deemed to be two separate events.

In this case, it would double the damages which WTC leaseholder Larry Silverstein may collect from nine insurance companies to around USD 2.2 billion (EUR1.64), from the original claim of USD 1.1 billion.

The jury decision would affect nine insurance firms. Besides the US subsidiary of Allianz, they include Travelers Indemnity, Industrial Risk Insurers, Royal Indemnity, Tokio Marine and Fire Insurance, Twin City Fire Insurance, Tig Insurance, Westfield WTC LLC and Zurich American Insurance.

DPA

Subject: German news

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