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The St. Paul Cos. Refuses to Invoke 'War Exclusion'

ST. PAUL, MN-The New York City and Washington, DC terrorist attacks of Sept. 11 will likely cost The St. Paul Cos. $700 million in insurance claims. Says CEO Douglas W. Leatherdale: "We are not going to hide behind the war exclusion for these acts of terrorism.

By Jim McCartney | Updated on September 19, 2001

ST. PAUL, MN-The St. Paul Cos. says it will not invoke the “war exclusion” clause of its property insurance policies as part of its revelations about the extent of losses it would suffer from the attack. “Our task now, as a part of the insurance industry, is to help our clients recover from this horrific event,” says chairman Douglas W. Leatherdale.

“The St. Paul stands ready — as we have for nearly 150 years,” Leatherdale says. “We are not going to hide behind the war exclusion for these acts of terrorism.”

The major commercial property-casualty insurer based in St. Paul also says the terrorist attacks of Sept. 11 would likely result in estimated net pretax losses of about $700 million to the company from its US primary insurance, reinsurance and Lloyd’s ofLondon operations. The company’s estimate is based on a total insured loss of between $30 billion and $35 billion for the industry. However, insurance officials say, it will take more time before the total industry loss is clear.

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