NU Compiles 9/11 Losses
According to our classifications, companies classified as primary companies accounted for roughly 31 percent of the total losses, while those classified as reinsurers reported 69 percent of the total.
The 16 companies included on the "Other" companies line are: Allstate, Allmerica Financial Corp., Corp Mapfre, NYMAGIC, Cincinnati Financial Corp., MetLife, Argonaut, Nationwide Mutual, Navigators Group, Philadelphia Consolidated, Harleysville, Ohio Casualty, Highlands Insurance Group, Mutual Risk Management, Preserver Group and RLI.
| Terrorist Attack Losses For Selected Companies ($ millions) | ||||||||
| Based On Publicly-Available Reports Released as of Aug. 23 | ||||||||
| Current Estimate | ||||||||
| Original | Original | Conversion | ||||||
| US $ | Currency | Region | Sector | Source | Currency | Date | ||
| 1 | Lloyd's of London | 2,845.0 | 1,980.0 | Europe | Re | 04/10/02 Statement | ? | 04/10/02 |
| 2 | Munich Re | 2,441.0 | (1) | Europe | Re | 07/10/02 Statement | (1) | (1) |
| 3 | Berkshire Hathaway | 2,400.0 | – | US | Re | Annual Report, p 20 | US$ | – |
| 4 | Swiss Re | 2,322.0 | 3,885.0 | Europe | Re | Annual Report | Sw.Franc | 12/31/01 |
| 5 | Allianz | 1,329.0 | 1,500.0 | Europe | Re | Annual Report | Eur | 12/31/01 |
| 6 | Taisei (2) | 1,111.0 | 132,800.0 | Asia | Re | Japan News Wire Reports | ? | 06/28/02 |
| 7 | XL Capital | 950.0 | – | Bermuda | P-C | 07/25/02 Stmt; 2Q02 10-Q | US$ | – |
| 8 | The St. Paul Companies | 941.0 | – | US | P-C | 2001 10-K | US$ | – |
| 9 | Zurich Financial | 900.0 | – | Europe | Re | 12/21/01 Statement | US$ | – |
| 10 | Nissan Fire & Marine | 872.0 | 115,600.0 | Asia | Re | Japan News Wire Reports | ? | 03/31/02 |
| 11 | AIOI Insurance | 800.0 | (3) | Asia | Re | Japan News Wire Reports | ? | (3) |
| 12 | American International Group | 769.0 | – | US | P-C | 2001 10-K | US$ | – |
| 13 | Travelers Property Casualty | 749.0 | – | US | P-C | Citi 4Q Statement | US$ | – |
| 14 | ACE Limited | 650.5 | – | Bermuda | P-C | Annual Report | US$ | – |
| 15 | Hartford Financial Services | 647.0 | – | US | P-C | 2001 10-K | US$ | – |
| 16 | The Chubb Corp. | 645.0 | – | US | P-C | 2001 10-K | US$ | – |
| 17 | GE/ERC | 575.0 | – | US | Re | Annual Report p. 56 | US$ | – |
| 18 | AXA | 569.0 | (4) | Europe | Re | 03/14/01 & 08/21/02 Stmts | Eur | (4) |
| 19 | Liberty Mutual | 500.0 | – | US | P-C | Annual Report letter | US$ | – |
| 20 | CNA | 468.0 | – | US | P-C | 2001 10-K | US$ | – |
| 21 | ING | 443.0 | 500.0 | Europe | Re | Annual Rept; WC Re Loss | Eur | 12/31/01 |
| 22 | PartnerRe | 400.0 | – | Bermuda | Re | 07/18/02 Statement | US$ | – |
| 23 | Royal & SunAlliance | 390.0 | (5) | Europe | P-C | 10/11/01 & 08/08/02 Stmts | US$ | (5) |
| 24 | Hannover Re | 354.0 | 400.0 | Europe | Re | 04/25/02 Statement | Eur | 12/31/01 |
| 25 | Gerling Global Re | 266.0 | 300.0 | Europe | Re | 03/12/02 Statement | Eur | 12/31/01 |
| 26 | FM Global | 252.0 | – | US | P-C | 2001 Annual Report page 2 | US$ | – |
| 27 | QBE | 178.0 | 361.0 | Australia | P-C | 09/20/01 Stmt/ Annual Rpt | Aust. $ | 09/20/01 |
| 28 | SCOR | 175.0 | – | Europe | Re | 09/20/01 Statement | US$ | – |
| 29 | Fairfax | 162.0 | – | Canada | P-C | Annual Report p. 52 | US$ | – |
| 30 | Erie Insurance Group | 150.0 | – | US | P-C | 02/26/02 Statement | US$ | – |
| 31 | White Mountains | 130.0 | – | US | P-C | 2001 10-K | US$ | – |
| 32 | Trenwick | 123.0 | – | Bermuda | Re | 2001 10-K; 1Q '02 10-Q | US$ | – |
| 33 | Alleghany Insurance Holdings | 112.4 | – | US | P-C | 3Q '01 10-Q | US$ | – |
| 34 | IPC Holdings | 112.0 | – | Bermuda | Re | Annual Report | US$ | – |
| 35 | Copenhagen Re | 83.0 | 700.0 | Europe | Re | Co. Web site | D.Krone | 12/31/01 |
| 36 | Markel Corp. | 75.0 | – | US | P-C | 02/05/02 Stmt | US$ | – |
| 37 | Overseas Partners | 73.6 | Bermuda | Re | Annual Report, p 5 | US$ | – | |
| 38 | The Kemper Insurance Cos. | 70.0 | – | US | P-C | Annual Report | US$ | – |
| 39 | Everest Re | 55.0 | – | Barbados | Re | 2001 10-K | US$ | – |
| 40 | SAFECO | 51.0 | – | US | P-C | 2001 10-K | US$ | – |
| 41 | Renaissance Re | 48.1 | – | Bermuda | Re | 3Q '01 10-Q | US$ | – |
| 42 | Zenith National | 37.6 | – | US | P-C | 2001 10-K | US$ | – |
| 43 | PXRE | 35.3 | – | Bermuda | Re | 11/05/01 Statement | US$ | – |
| 44 | W.R. Berkley | 35.0 | – | US | P-C | 3Q 10-Q; Annual Rpt p. 24 | US$ | – |
| 45 | Atlantic Mutual | 33.6 | – | US | P-C | 11/20/01 Statement | US$ | – |
| 46 | SCPIE | 31.0 | – | US | Re | 03/12/02 & 08/09/02 Stmts | US$ | – |
| 47 | PMA | 30.0 | – | US | P-C | 3Q '01 10-Q | US$ | – |
| 48 | HCC Insurance Holdings | 30.0 | – | US | P-C | 10/09/01 Statement | US$ | – |
| 49 | American Financial Group | 25.0 | – | US | P-C | 3Q '01 10-Q | US$ | – |
| 50 | Baldwin & Lyons | 20.0 | – | US | P-C | 3Q '01 10-Q | US$ | – |
| Other | 16 Additional Companies | 94.7 | xxxxx | xxxxx | xxxxx | xxxxxxxxxxxxxxxxxxxxxx | xxxxx | xxxxx |
| Total | 26,558.8 | xxxxx | xxxxx | xxxxx | xxxxxxxxxxxxxxxxxxxxxx | xxxxx | xxxxx | |
| Notes: | ||||||||
| (1) Munich Re reported estimate of 2.2B euros on 03/22/02 ($1.941B); reported addition of $500M on 07/10/02 | ||||||||
| (2) Although Taisei's losses have been reported as ?132.8B, recent reports on the bankruptcy indicate that corporate | ||||||||
| claim payments will be cut 25.8 percent. | ||||||||
| (3) Japan Wire Reports indicate AIOI's losses to be at least ?100B; converts to roughly $800M using mid-June exchange | ||||||||
| (4) On 03/14/01, Axa released its year-end report disclosing estimated losses of 561M euros, including 16M life. | ||||||||
| Converted 545 euros (p-c only) at 12/31/01 exchange to $483M; Announced first-half 90M euros addition on 8/21/02. | ||||||||
| Assumed 87eur for p-c only using March split. Converted to $86M using 6/30 exchange | ||||||||
| (5) Royal reported ?200M on 10/11/01 ($290M); added $100M on 08/08/02 |
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