NYC Welcomes Return of St. Paul Re; Losses May Be Less Than Estimated

January 16, 2002

Lower Manhattan took another step towards reestablishing the business disrupted by the attacks on the World Trade Center with the announcement that the 300 employees of St. Paul Re will return from their exile in Morristown NJ to their offices at 195 Broadway. The news was welcomed along with a statement from New York’s insurance commissioner that the WTC losses may be less than initially estimated.

For the past four months St. Paul Re’s employees have been working from offices in New Jersey, and Jim Duffy, the company’s Chairman expressed his delight at being able to return to Manhattan. “Our landmark building was relatively unscathed, but full telecommunications service has only recently been restored,” Duffy stated. He also singled out his employees for their “dedication and sacrifices,” stating that, “In the face of adversity, followed by months of inconvenience, they still worked to succeed in a challenging reinsurance renewal season. They’ve come through a lot, and have delivered their best.”

The New York Post reported that superintendent Gregory V. Serio told the State’s Senate Insurance Committee that the latest payment estimates from the Sept. 11 disaster were now around $35 billion, considerably less that the $70 billion some reports had given.

Serio noted that business interruption claims were less than expected, albeit mainly due to the fact that many businesses had inadequate coverage, and the lowering of the fatality total, originally estimated at around 6000 to less than 3000. He also urged Congressional action on the stalled bill to provide “back-up” reinsurance coverage for terrorist events.

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