German terrorism insurer mulls over global coverage

Munich

GERMAN terrorism insurer Extremus Versicherungs-AG, set up to cover terrorism-related claims following the Sept 11 attacks in New York, is considering offering global coverage as its premium income shrinks.

The insurer, whose shareholders include Allianz SE and Munich Re, may start offering policies outside Germany within three months because of the demand from clients, said chief executive officer Gerhard Heidbrink. Extremus, which is backed by the government, refers companies seeking international coverage to firms such as Lloyd's of London Ltd. Others offering terrorism coverage include American International Group Inc and National Fire & Marine Insurance Co.