SCOR Balks at World Trade Center Claims Settlement

May 24, 2007

Reinsurer SCOR has asked that the recent $2 billion settlement of World Trade Center claims between Silverstein Properties and several insurers be sent to arbitration because it believes that the terms with one of the insurers, Allianz Global Risks U.S. Insurance, do “not respect the terms and conditions of the Certificate of Reinsurance between SCOR and Allianz.”

SCOR is a reinsurer of Allianz Global Risks U.S. Insurance on the Silverstein property and casualty insurance policy.

SCOR reported that it has informed Allianz that this settlement “exceeds the contractual requirements and contains ex gratia elements.”

Under the terms of the clause set out in the Certificate of Reinsurance, SCOR has requested that this case be referred to arbitration.

Source: SCOR

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