According to a statement from Spitzer's office, to date, theinsurance companies have paid nearly half of the total $4.7 billionthe courts allowed Silverstein. So the settlement approaches thefull court-outlined amount. Under the terms of the settlement, theamount each of the seven named insurers will pay will remainprivate. Insurers included in the agreement are Travelers Cos.,Zurich American Insurance Co. and Swiss Reinsurance Co.


Late last year Silverstein and the Port Authority of New Yorkand New Jersey reached an agreementto facilitate the rebuilding of the complex. As part of thatagreement, those two players agreed to a split of the remaininginsurance proceeds. According to the governor's statement, thesplit was 54/44, with the bulk going to Silverstein.


"It is essential that the rebuilding at the World Trade Centersite proceed as quickly as possible," said Spitzer. "The unsettledinsurance claims were the last major barrier to rebuilding and havebeen bitterly and intensely contested for almost six years. Thesettlement is the result of an extensive collaborative effort bymany and it ensures that the Port Authority and SilversteinProperties will have the financial resources to meet theirobligations and rebuild at the World Trade Center site in a waythat will make all New Yorkers proud and fuel the revitalization ofLower Manhattan."

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John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.