Fortress Re

Fortress Re

Fortress Re Inc. were an American aviation reinsurance agency, based in Burlington, North Carolina, and co-owned by Maurice ‘Chico’ Sabbah. Their auditor was Deloitte & Touche.

Financial trouble

They were dealt a heavy blow by the September 11 attacks. Fortress Re pooled the funds of several insurance companies to share the risks of reinsuring aviation portfolios. All four planes that crashed on September 11 2001 were ultimately reinsured into the Fortress Re pool. The participating companies faced claims of $2.5 billion, and the Fortress Re funds fell far short.

Other airline disasters followed, including a passenger jet crash in the New York borough of Queens on 12 November 2001. Fortress Re stopped writing new business at this time, and has not recommenced.

Legal action

Legal actions began from a number of Japanese insurance companies at the start of 2002 towards the directors of Fortress Re, alleging Fortress Re had misrepresented losses and performed other improper acts, including Sabbah and his partner "amassing personal fortunes" by skimming money off the top from Sompo’s funds. Sabbah denied any wrongdoing.

In 2004, the two directors of Fortress Re were collectively forced to pay $1.12bn by a court in New York, for defrauding Sompo Japan Insurance.

External links

* [ NC Lawyers Weekly]
* []
* [ JTA News]

Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • FORTRESS — Investment Group LLC Unternehmensform Limited Liability Company Gründung 1998 …   Deutsch Wikipedia

  • Fortress — For tress, n.; pl. {Fortresses}. [F. forteresse, OF. forteresce, fortelesce, LL. foralitia, fr. L. fortis strong. See {Fort}, and cf. {Fortalice}.] A fortified place; a large and permanent fortification, sometimes including a town; a fort; a… …   The Collaborative International Dictionary of English

  • Fortress — steht für: Fortress Investment Group, ein Investmentunternehmen Fortress – Die Festung, ist ein SF Actionfilm aus dem Jahr 1993 Fortress (Programmiersprache), eine Programmiersprache von Sun Microsystems Boeing B 17 Flying Fortress, ein Flugzeug… …   Deutsch Wikipedia

  • Fortress — For tress, v. t. To furnish with a fortress or with fortresses; to guard; to fortify. Shak. [1913 Webster] …   The Collaborative International Dictionary of English

  • fortress — [fôr′tris] n. [ME forteresse < OFr < VL * fortaricia < L fortis, strong: see FORT1] a fortified place; fort: often used figuratively vt. to protect by or furnish with a fortress …   English World dictionary

  • fortress — index bear (support), bulwark Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

  • fortress — early 14c., from O.Fr. forteresse strong place (12c.), variant of fortelesse, from M.L. fortalitia, from L. fortis strong (see FORT (Cf. fort)) + English ess, a fairly uncommon suffix (DURESS (Cf. duress), LARGESS (Cf. largess) being other exa …   Etymology dictionary

  • fortress n — Fortress: a female fort …   English expressions

  • fortress — *fort, citadel, stronghold, fastness …   New Dictionary of Synonyms

  • fortress — ► NOUN ▪ a military stronghold, especially a strongly fortified town fit for a large garrison. ORIGIN Old French forteresse strong place , from Latin fortis strong …   English terms dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”