The decision by seven carriers to end six years of litigation and rancor and settle claims by the developer of the World Trade Center site's reconstruction is a positive move for insurers, removing a major public relations thorn in the industry's side, insurance leaders say.
The seven carriers–Allianz Global Risks US Insurance Company, Employers Insurance Company of Wausau, Industrial Risk Insurers (now owned by Swiss Reinsurance Company), Royal Indemnity Company, Swiss Reinsurance Company, Travelers Companies Inc. and Zurich American Insurance Company–recently agreed to pay $2 billion to settle outstanding claims over the WTC's destruction by terrorists on Sept. 11, 2001.
The settlement came after New York state officials–including Gov. Eliot Spitzer and Insurance Superintendent Eric R. Dinallo–stepped in to personally mediate an agreement.
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