Japanese Insurers Settle Suit Against Fortress Re

July 16, 2004

Aioi Insurance Co., Sompo Japan Insurance Inc. and Taisei Reinsurance Co. have annouced that they have settled their damages suit against U.S. reinsurance agent Fortress Re Inc. over losses in connection with the Sept. 11, 2001 terror attacks, according to Kyodo News International.

The three Japanese insurance companies recently received the equivalent of around 16 billion yen in real estate and other assets from Fortress Re to settle the suit, in addition to the U.S. company’s payment of 28.4 billion yen last December.

In the suit, the Japanese insurers claimed they had incurred losses due to Fortress Re’s improper accounting as their agent for reinsurance contracts related to the terrorist attacks, reported Kyodo News International.

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