From: David Parsons, Commissioner of Insurance
The loss of life and property at the World Trade Center complex, and the resulting emergency response, has caused considerable hardship and has disrupted the lives of thousands of residents and businesses in the New York Metropolitan Area. It will be several weeks -- if not months -- before all of the damage can be assessed and the situation returned to some level of normalcy. Insurers will pay billions of dollars in property, life, business interruption and workmens compensation claims with portions being ceded to reinsurers. Several brokerages had their headquarters destroyed and the stock exchanges will open on Monday September 17, 2001 with this bad news and a possible recession.
Due to the events in New York and Washington on Tuesday I request that you review the companies that you cede business to and assume business from, the investment firms that you deal with and the stock and bond values in your portfolios. Please communicate with this department immediately your estimates of the financial effects on your company from this tragedy.
Thank you for your cooperation and assistance.