Monday, February 18th, 2002 — Settlement negotiations have been successfully concluded between Silverstein Properties, the master leaseholder on the destroyed World Trade Center, and ACE Bermuda Insurance Ltd. and XL Insurance (Bermuda) Ltd, operating units of the island‘s two biggest insurance companies who wrote the actual coverage on the twin towers.

ACE agreed to pay $298 million ,and XL $67 million, a total of $365 million, to settle all claims. Both companies took pains to announce that the settlement was based on "one event," rather than two, as Silverstein has asserted in the company‘s lawsuit against Swiss Re and other insurers. "The settlement is based upon a single occurrence and therefore will comprise payment of only one policy limit," said the ACE bulletin.