Seven insurance companies have agreed to pay an additional $2.5bn to resolve all outstanding claims on the World Trade Center
The lengthy dispute between Larry Silverstein, leaseholder of the World Trade Center (WTC), and seven insurers has been settled.
The insurers, including Allianz, Swiss Re, Zurich and Travelers, have agreed to pay an additional $2.5bn which will be split between the Port Authority of New York & New Jersey and the developers of the WTC.
The news came in a statement from New York state governor Eliot Spitzer and state insurance superintendent Eric Dinallo, and brings five years of litigation to an end.
"I do not think anyone thought it would ever end," said Dinallo, who played a major role in brokering the deal.
"I am most proud of an industry that stepped up. The rebuilding would not be possible without the insurers."
The deal brings Silverstein’s total insurance pay-out figure from the collapse of the Twin Towers to $4.5bn.
