X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-A Philadelphia-based reinsurance company’s first estimate cites its potential exposure related to the World Trade Center and Pentagon attacks at roughly $30 million but says its $3.6 billion in assets will easily absorb the blow.

PMA Capital Corp. spokeman Albert Ciavardelli tells GlobeSt.com the assessment is based on a preliminary examination of the roughly 150 insurance companies in its portfolio that could be considered potential claimants. However, the report does not cover specific damages or address which buildings might be represented in a potential claim.

“Being a reinsurance company we are providing insurance to insurance companies,” he says. “There’s no way for me to tell you how much of the $30 million relates to a specific property. We may never know. That level of detail typically doesn’t make it from insurance companies to reinsurance companies.”

Ciavardelli says many of PMA’s clients are small insurance firms reinsured for “a couple of million dollars. A very small piece is related to the towers.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.