AXA and Allianz have hit back at claims issued against it by Deutsche Bank over the future of its offices next to the destroyed World Trade Centre.
Speaking at AXA's half-year results conference, chief executive Henri de Castries said the case was "without merit".
An Allianz statement said: "The dispute is over whether the building is a total loss or not. What they [Deutsche Bank] want to do with the building is entirely in their hands."
AXA and Allianz dispute Deutsche Bank's claim that damage to its after the 11 September attacks constitutes a total loss. They claim that the building can be repaired for $500m (£311m).
However Deutsche Bank wants insurers to pay the costs associated with tearing down the old building and constructing a new one. The German bank claims that the offices have been contaminated by asbestos and are unfit for occupation.
Deutsche's lawsuit is asking Allianz and AXA for $857m (£533m), which is half the $1.7bn (£1bn) listed in its insurance policy.
The bank's lawsuit, filed yesterday, requests a judgment that it was not feasible to repair the building.
