Copenhagen Re ceases underwriting as losses mount

COPENHAGEN - Copenhagen Re has confirmed it has ceased writing business as its parent Alm Brand doubled its estimated losses from the World Trade Center (WTC) attack. Alm Brand said it had made provision for losses of DKr 700m from its reinsurance business at Copenhagen Re but noted that uncertainty over estimates meant this figure could be adjusted upwards or downwards. The company said in a statement: "Direct insurers and reinsurers alike are finding it very difficult to purchase sufficient reinsurance following the terrorist attacks on the World Trade Center on 11 September.