European Companies Also Lukewarm
By Gary Mogel
As is the case with their U.S. counterparts, European client companies have had a lukewarm response to terrorism coverage.
One specialist terrorism insurer, Luxembourg-based Special Risk Insurance & Reinsurance S.A., recently ceased writing this coverage after only a year in business due to lack of demand.
"The syndrome that 'I am not a terror risk' certainly prevails," said the insurer's chief executive officer, Alan May, in a statement.
The statement also indicated that the insurer, which is owned by six large European carriers, will likely be liquidated in 2005.
Reproduced from National Underwriter Edition, April 7, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.