Firing yet another salvo in the complex insurance battle involving the World Trade Center, Swiss Re has declared that there is no way payouts for the claims can exceed $3.5 billion.
Swiss Re said its experts have established the "true value" of WTC leaseholder Larry Silverstein‘s claim as being in the range of $2.4 billion. New York-based Swiss Re claims this is consistent with Mr. Silverstein‘s own internal calculations.
A Swiss Re subsidiary, SR International Business Insurance Co. Ltd. is an excess insurer of the WTC embroiled in Mr. Silverstein‘s $7 billion insurance lawsuit against various layers of insurers.
Specifically, Swiss Re said that Pearson Partners, an independent real estate appraiser, estimates the actual cash value of the WTC complex at $2.156 billion under the Willis Property form (Wilprop).
