According to a report in the Wall Street Journal, ACE and XL may be close to concluding a settlement with Silverstein Properties, the master leaseholder on the destroyed World Trade Center, for around $365 million.
The settlement, if it is achieved, would be outside of the current lawsuits involving Silverstein, Swiss Re and some 20 other insurers who share coverage on the WTC. Although ACE and XL aren’t parties to that lawsuit the WSJ reported that one of the terms contained in their projected settlement with Silverstein would treat the loss of the twin towers as one occurrence rather than two, as Silverstein has insisted.
ACE and XL signed separate insurance coverage agreements with Silverstein, which, according to the report, differed in its terms from the binding agreement signed by Swiss Re.
None of the principals have as yet commented on the reports.
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