The Navigators Group Inc. estimates its after tax net loss from the September 11th terrorist attack on the World Trade Center to be approximately $5 million.
The loss comes primarily from business underwritten at the Company’s Lloyd’s Syndicate 1221.
This loss is projected to add 12-15 points to the Company’s loss ratio for the third quarter 2001 and 3-5 points to the full year’s loss ratio. The reinsurance protecting Syndicate 1221 is led by AAA rated reinsurers, with the vast majority of the reinsurance placed with reinsurers rated AA or better.
“Despite this being the largest catastrophe loss in the history of insurance, and the financial impact it is having on the industry, it will not materially impact our corporate strategy or the policyholders’ surplus of our insurance companies,” said Terence N. Deeks, chairman of Navigators.
“We are relieved that our employees and their families are safe, but express our deepest sorrow to those families who have lost loved ones in this tragedy,” Deeks stated.
Insureds with losses stemming from the attack are asked to contact their local insurance broker, or may contact Navigators directly at (212) 613-4243.
The Navigators Group is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd’s of London. Headquartered in New York City, Navigators has offices in the United States and the United Kingdom.
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