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September 17, 2001 at 08:00 PM
NU Online News Service, Sept. 17, 1:15 p.m. – Reinsurers are not saying much about press reports that the associates of terrorists may have shorted reinsurance company stocks during the week before the Sept. 11 attacks on four U.S. passenger jets, the Pentagon and the Manhattan World Trade Center.
An investor shorts a stock by selling the stock in the anticipation that its price will drop.
Lincoln National Corp., Philadelphia, said today it had not experienced any short-selling of which it was aware.
Swiss Reinsurance Company, Zurich, declined to comment on the short-selling reports. It is referring reporters to a statement on its Web site, which notes only that gathering accurate information about the effects of the attacks will take time, but that, based on a rough estimate, the loss to Swiss Re may be in the range of losses from the 1999 European winter storms Lothar and Martin.
