Friday, February 8th, 2002 — Real estate mogul Larry Silverstein, whose companies hold a 99-year lease on the now-destroyed World Trade Center, is reportedly close to settling with two of the WTC insurers.
Under the settlement --which is still being finalized and could still fall apart --Bermuda-based Ace Ltd. and XL Capital Ltd. allegedly would pay Mr. Silverstein's companies $365 million for losses incurred in the Sept. 11 destruction of the WTC by terrorists in two commercial airliners.
According to Mr. Silverstein's attorneys, his litigation against 20 other insurers is proceeding.
Those insurers include Travelers Insurance Co., which provided primary coverage for Mr. Silverstein's companies, and Swiss Re subsidiary and excess insurer SR International Business Insurance Co., Ltd.