Fitch Completes Ratings Analysis Following Terrorist Attacks
Wednesday, September 26th, 2001 CatastropheFitch completed the initial phase of its ratings review of insurance and reinsurance companies exposed to losses from the terrorist attacks of Sept. 11 in the United States. Findings have been issued on 16 insurance organizations placing ratings on Rating Watch Negative, downgrading ratings, or both. Fitch believes that insurers will be able to pay claim obligations arising from the attacks without a significant decline in the industry‘s overall financial strength and creditworthiness. Fitch also believes that these events will give rise to a further "flight to quality" in the reinsurance and primary property/casualty industries, as awareness has been raised as to the importance of purchasing coverage from companies that are able to absorb losses of this nature. Fitch‘s ratings review will be ongoing, and moves to a second phase this week.
