Swiss Re Issues Statement on Jury Verdict

03 May 2004, New York

Swiss Re today issued the following statement in connection with the jury verdict in the U.S. District Court, Southern District of New York, in the case of SR International Business Insurance Company Ltd. v. World Trade Center Properties, LLC, et al.

'Swiss Re is grateful for the jury's full consideration and attention throughout this trial. We are pleased that the jury has confirmed the contractual basis of our coverage,' said Jacques E. Dubois, Chairman, Swiss Re America Holding Corp. 'According to two prior court decisions in this litigation, today's finding means that Swiss Re's payout obligation is no more than our 25 percent share of the $3.5 billion loss limit property policy. We have always been convinced that the maximum payout under a loss limit property policy could never exceed the sum insured, in this case $3.5 billion.

'Swiss Re played a leading role in this litigation,' added Dubois. 'We had an important obligation to resist the insureds' claim that they were entitled to twice the maximum payout of the policy. We believe that paying anything more than the full amount of the sum insured is both outside the terms of the coverage and wrong.'

Notes to editors

Swiss Re is one of the world's leading reinsurers and the world's largest life and health reinsurer. The company operates through more than 70 offices in over 30 countries. Swiss Re has been in the reinsurance business since its foundation in Zurich, Switzerland, in 1863. Through its three business groups, Property, Casualty, Life, Health and Financial Services, Swiss Re offers a wide variety of products to manage capital and risk. Traditional reinsurance products, including a broad range of property and casualty as well as life and health covers and related services, are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated 'AA' by Standard, Poor's, 'Aa1' by Moody's and 'A+' by A.M. Best.
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