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World Trade Center coverage program included an array of insurers and reinsurers


NEW YORK—An array of U.S. and European insurers and reinsurers took part in the $3.55 billion property and business interruption program for the World Trade Center.

The program featured a $1 million deductible, a $10 million primary layer shared among six insurers and 11 excess layers.

Swiss Reinsurance Co. took the lead on the program with a total participation of $877.5 million per occurrence.

Lloyd's of London underwriters collectively formed the second-biggest participant, writing parts of various layers excess of $500 million, for a total exposure of $667.8 million per occurrence.

Allianz S.E. of Germany participated on all layers, including the primary, for a total exposure of $354.7 million per occurrence.

Bermuda insurers ACE Ltd. and XL Capital Ltd. both participated in high excess layers of the program, with ACE writing $298 million in two layers excess of $1 billion and XL writing a $68 million portion of a layer excess of $3.26 billion.

Warren, N.J.-based Chubb Corp. had a $254.3 million share of a layer excess of $1.5 billion.

Other large participants on the program were Industrial Risk Insurers, a former General Electric Co. unit; Travelers Cos. Inc.; and Royal Indemnity Co.

The following insurers and reinsurers also provided limits for the WTC program: Gulf Insurance Group, a Travelers affiliate; Liberty Mutual Insurance Co.; Zurich American Insurance Co.; Munich Reinsurance Co.; Hartford Financial Services Group Inc.; Wurtembergische Fire Insurance Co.; TIG, a Fairfax Financial unit; QBE Insurance Group Ltd.; Lexington Insurance Co., an American International Group Inc. unit; Copenhagen Reinsurance Co. Ltd.; Houston Casualty Co.; and Tokio Marine & Fire Insurance Co.