Three Japanese insurance companies have received at least part of the $1.12 arbitration award levied against Fortress Re (See IJ Website Dec, 23), a No. Carolina-based reinsurance company, which collapsed following Sept. 11 related losses.
Aioi Insurance Co, Sompo Japan Insurance Inc. and Taisei Reinsurance Co sued Fortress, claiming that the company’s directors and officers had misrepresented the reinsurer’s financial strength, and had engaged in deceptive accounting practices.
Aioi boosted its profit forecast by 35.4 percent to 32.5 billion yen ($303.7 million), and indicated it had already received $127.2 million. Sompo and Tasei have so far received $68.9 million each. Sompo had previously indicated that it wasn’t sure any amounts would actually be recovered, and accordingly has not altered its profit forecasts.
Topics Carriers
Was this article valuable?
Here are more articles you may enjoy.
Taylor Swift Sued for Trademark Infringement Over ‘Life of a Showgirl’ 
P/C Underwriting Income Up $40B in 2025, Say Verisk and APCIA 
Florida Man Faked Brain Injury for Years in Attempt to Gain $6M in Insurance 
Sources: US Treasury to Consult With Insurance Regulators on Private Credit Lenders 
