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Authors:
William Fawcett (Independent Author); Andrew R Thomas (Independent Author); Cesar Baena (Independent Author)
Published in:
2020
Version:
29-Oct-2020
Revision date:
12-Nov-2020
Length:
12 pages
Data source:
Generalised experience

Abstract

The attacks of September 11, 2001 constituted one of the most significant moments in recent memory. Perpetrated by the terrorist organization Al-Qaeda, nearly 3,000 people died in the attacks and 25,000 others were injured. The material damages were staggering. Settling the insurance claims around the destruction of the World Trade Center proved to be a puzzle in what came to be a major inflection point for the insurance industry. SwissRe was the lead insurer of the buildings in a multi-party insurance policy that totaled USD3.55 billion. Silverstein Properties held the lease of the buildings for 99 years and contested the insurance policy payout limit. The Port Authority of New York & New Jersey owned the buildings and with the government planned a USD9 billion rebuild at Ground Zero. The case offers an insider’s look at how various stakeholders from around the world approached the negotiations and sought to reach an outcome to settle the dispute. Further, it sheds light on the backgrounds, thoughts, and motivations of the major players, all against the background of what was one of the greatest tragedies of modern history.

Teaching and learning

This item is suitable for undergraduate, postgraduate and executive education courses.

Topics

Negotiation and conflict resolution; Negotiation and crisis management; Insurance; Law (international); Law & business; Lawsuits; Insurance coverage; Catastrophe; World Trade Center; Swiss Re; Swiss Re-insurance; Complex business problems; 9/11 attack on New York's World Trade Centre; Risk management; Complex negotiation

Setting

The events covered by this item took place in 11 September 2001 - 23 May 2007.

Geographical setting

Region:
World/global
Countries:
United States; Switzerland; United Kingdom
Locations:
New York City; Zurich; London

Featured companies

Company name:
Swiss Re
Employees:
10000+
Turnover:
USD 33 billion
Type:
Public company
Industry:
Financial services
Other keywords:
SIX: SREN; World Trade Center; William Fawcett
Company name:
Silverstein Properties
Employees:
501-1000
Turnover:
USD 40 million
Type:
Privately held
Industry:
Real estate developments, real estate investment
Other keywords:
World Trade Center; Larry Silverstein
Company name:
Port Authority of New York and New Jersey
Employees:
1001-5000
Turnover:
USD 5 billion
Type:
Government agency
Industry:
Transportation, government
Company name:
Willis Towers Watson
Employees:
10000+
Turnover:
USD 9 billion
Type:
Public company
Industry:
Insurance brokerage
Other keywords:
NASDAQ: WLTW; S&P 500 component
Company name:
The Travelers Companies
Employees:
10000+
Turnover:
USD 31 billion
Type:
Public company
Industry:
Insurance and financial services
Other keywords:
NYSE: TRV; DJIA Component; S&P 500 Component

Featured protagonists

  • William Fawcett (male), Head of Claims
  • Larry Silverstein (male), Chairman - Silverstein Properties

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