Swiss Reinsurance is insisting that it will not be felled by yesterday’s disaster in New York.

It has been estimated that Swiss Re may be on the hook for more than US$700 million of insured loss in yesterday’s attack.

“Swiss Re has many times in its history been faced with the consequences of large catastrophes. Even though this is one of the largest loss events possible, Swiss Re’s financial strength is not in doubt and the fundamentals of the company will not change,” the company says. “It is the essence of our business to manage such large losses for our clients and Swiss Re carries provisions for large catastrophic events of this magnitude.”

The company notes that due to its unprecedented nature and complexity, it will take some time to provide accurate information about the full extent of this event. But, based on a first and very rough estimation, the loss to Swiss Re from this event is expected to be in the range of the 1999 European winter storms.

The firm also stresses that it, “is deeply moved by yesterday’s tragic events in the U.S. Our very first concern is for the victims and their families affected by this tragedy. Swiss Re people have long standing and often-personal relationships with the financial and insurance community across the United States and particularly in New York. Our thoughts and deepest sympathies are with them at this time. Swiss Re has long known that no financial payment can make up for any human suffering. However, by providing resources and support to clients, Swiss Re has helped alleviate some of the pressures felt at these times of distress.”

As soon as more information becomes available Swiss Re will comment further.