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U.S. RE Proposes Program to Replace TRIA

Claims News Service, Oct. 20, 4:50 p.m. EDT -- (MARKET WIRE) -- A governmental-private sector partnership reinsurance facility to provide a long-term replacement for the federal Terrorism Risk

By Staff Writer | Updated on October 20, 2005

Claims News Service, Oct. 20, 4:50 p.m. EDT — (MARKET WIRE) — A governmental-private sector partnership reinsurance facility to provide a long-term replacement for the federal Terrorism Risk Insurance Act, which expires at the end of this year, has been proposed by The U.S. RE Group, Tal P. Piccione, Chairman/CEO, announced.

“We met with senior executives of the American Insurance Association and plan to meet with other associations and industry leaders over the foreseeable future,” Piccione said. “We are finding a receptive attitude toward achieving an industry-government partnership. Financing the coverage requires a government backstop because it is impossible to predict the frequency and severity of potential terrorism events,” he explained.

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