Impact on Bermuda's

insurance industry

Counting the cost to Bermuda

Below is the list of insurers and reinsurers in Bermuda that have acknowledged exposure to claims related tothe destruction of the attacks in the United States, along with their early estimates for the amount they expect to pay out where applicable.

Ratings agencies ana analysts now expect the attack to cost insurers world-wide between $20 billion and $30 billion, making it the most expensive insured event to date. However it may take years for the full cost to become clear.

Bermuda Re/insurers

XL Capital: $600 to $700 million.

ACE: $400 million

Partner Re: $350 to $400 million.

IPC Holdings: $75 million.

PXRE: $30 and $35 million.

Trenwick: $50 and $75 million

Everest Re: $75 million

ESG Re: $1 million

Total: low estimate: $1.581 billion high estimate: $1.761 billion

Minimal Impact

Stockton Re: Dan Malloy, President and CEO said: "I do not think that we are going to be that affected. But a lot of our clients and our intermediaries are affected."

Max Re: Press Statement: "Max Re does not expect a significant claims impact from these events."

Scandinavian Re: Senior Vice President Ed Jordan, said that the company did not expect the disaster to have much impact on its bottom line.

Scottish Annuity & Life Holdings: Said it expected minimal exposure to losses from the terrorist attack because they do not reinsure any group insurance plans or corporate owned life insurance products.

Imagine Insurance Company: Said it does not anticipate experiencing any material losses associated with the recent terrorist attacks.

Mutual Risk Management: Said impact would be minimal.

Commercial Risk Re: Said attacks will not have a material impact as it has limited exposure.

Still Counting the Cost

Alea Group said it did not have any statement at the moment, as it was still counting costs.

Overseas Partners Ltd.

Renaissance Re: Said its share of losses would be significantly smaller would be indicated by its market share, and will still report a profit for the third quarter. It will report on full impact later

Other property and liability insurers around the world claims estimates so far

Munich Re: (Germany) $900 million

Swiss Re: (Switzerland) $730 million

Employer's Re: (U.S.) $600 million

Allianz: (Germany) $630 million

AIG: (U.S.) $500 million

Generali: (Italy) $450 million.

Axa: (France) $300 to $400 million

Zurich Financial: (Switzerland) under $400 million

Hannover Re: (Germany) $365 million

CNA Financial: (U.S.) $200 to $350 million

Royal Sun Alliance (Britain) $220 million

SCOR: (France) $150 to $200 million

One Beacon: (U.S.) up to $175 million

Chubb: (U.S.) $100 to $200 million

Fairfax Financial: (Canada) $100 million to $125 million

Markel: (U.S.) up to $75 million

CGNU: (Britain) up to $51 million