WTC Trial No Rating Factor, S&P Says
Even if a jury decides in favor of World Trade Center leaseholder Larry Silverstein, costing insurers an additional $3.5 billion in claims for the Sept. 11 attack, it wont become a ratings factor, according to Standard & Poors.
Steven Dreyer, managing director for S&Ps Insurance Ratings Services in New York, said that even “under the worst-case scenario,” if insurers lose their legal battle, “although the amount is obviously significant, the loss is well spread across the insurance industry.”
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