Lutine Bell Rung for Victims of U.S. Terror Attacks

September 14, 2001

Underwriters and insurance brokers gathered in the Lloyd’s Building in London yesterday to hear the Lutine Bell rung in memory of the victims of this week’s terror attacks in the United States.

The bell was rung twice — to mark the beginning and end of a minute’s silence that was observed by up to 4,000 people throughout the 12-story building.

Speaking at the private ceremony, Chairman of Lloyd’s Sax Riley said: “We are not here today to discuss losses, but to pay our respects to the lost and the missing in this attack. We are also here to remember our colleagues and friends caught in this great tragedy. They say that time is a great healer. I sincerely hope it is.”

Lloyd’s also confirmed that as one of the world’s major insurers it has a substantial involvement in the insurance of United Airlines and American Airlines, and the World Trade Center complex. However, because of the evolving nature of the situation and the numerous variables, Lloyd’s considers it unwise to attempt to quantify its own exposure at this time.

Mr Riley commented: “The tragic events in the United States this week have generated the most complex set of insurance liabilities and interdependencies the industry has ever seen. The situation is not static. Quantifying our involvement in terms of an exact total number is meaningless at this stage.

“While we anticipate that some individual Lloyd’s managing agents will soon be able to estimate their exposures, a totalled loss will be more difficult to achieve in the short term.”

Topics USA Excess Surplus Lloyd's

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