Scor Won’t Increase WTC, U.S. Claims Reserves

July 16, 2002

French reinsurer Scor has no plans to pump up its existing reserves to pay for World Trade Center or U.S. liability reinsurance claims, according to Reuters.

The news organization reported that Scor CEO Jacques Blondeau said the company had no need to add to the 190 million euros it set aside to pay for claims arising from the Sept. 11 attacks.

Blondeu’s declaration came in the wake of an announcement by Munich Re that it will put $2 billion into its U.S. subsidiary, American Re, to pay for rising claims, and reserve an additional $500 million for WTC claims.

Most of Scor’s exposure to the attacks is through property reinsurance claims, and the company does not expect that liability to be increased by U.S. court awards, as is the danger with personal injury policies.

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