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Another Attack Could Wipe Out Surplus

California Correspondent

San Francisco

Another devastating terrorist attack on America could wipe out upwards of 50 percent of the industrys surplus and “would cause severe strain for future reinsurance underwriting,” the chairman of the Reinsurance Association of America warned here.

“Im concerned that if we have another event of that size or multiple terrorist events, it would leave the reinsurance industry in a precarious position,” said James F. Duffy, chairman and chief executive officer of St. Paul Re in New York.

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