German insurance group Allianz is planning to create a specialist pan-European terrorism insurance unit in response to the fallout of 11 September.
This is the first initiative post-WTC to tackle the issue of future terrorism claims. Reinsurance giant Swiss Re and Zurich Financial Services in Switzerland have indicated their willingness to join the new venture based in Luxembourg.
Allianz is currently seeking two further partners for the project, in which it hopes each partner would take a 20% stake. It has been reported that Munich Re has declined to take part.
Allianz director Detlev Bremkamp has confirmed the plans.
