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Insurers team up to cover terror. (Companies).(Brief Article)
Five of Europe's biggest insurers, along with XL Capital Ltd. of Bermuda, have created a new insurer with 500 million euro (about $440 million) of funding and a mission to provide property coverage against terrorist attacks.
The new company--Special Risk Insurance & Reinsurance Luxembourg S.A.--will operate independently of its founders, with management and underwriting teams based in Luxembourg. In addition to XL, the founders are Allianz, Swiss Re, Zurich Financial Services, Hannover Re and Scor.
"The intent is to provide insurance coverage on physical loss or damages following terrorist attacks, and the target market is commercial and industrial clients," said Joerg Allgaeuer, a spokesman for Allianz. "The focus is on Europe, but it's not necessarily limited to Europe."
Allgaeuer said the new company will not provide coverage to airlines.
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