Rodent Regatta

is a long-time friend of Warren Buffett’s and has, for many years, done some editing of his annual letter to shareholders. When Fortune runs any article by Carol Loomis, it’s worth reading. She put her attention on Insurance After 9/11 and has done a remarkable job of giving a snapshot of the super-cat (super catastrophe) insurance and reinsurance business. Reading that article helps put this one in perspective.

Setback on Insurance for Trade Center Developer. A federal judge in Manhattan yesterday rejected a request by Larry A. Silverstein, the real estate developer who controlled the World Trade Center, to rule immediately on his insurance claim that the destruction of the twin towers amounted to two events, requiring a $7 billion payment. By Charles V. Bagli. [New York Times: Business]