Maurice Sabbah

Fortress Re insiders agree to settle for $400 m

July 31, 2004

Fortress Re Inc. and its two principals, Maurice Sabbah and Kenneth Kornfeld, have reportedly agreed to settle a $1 billion arbitration award by giving up assets worth more than $400 million.The assets include "lavish homes, antiques, a Gulfstream III jet and other assets", according to a report in the Wall Street Journal on July 21, 2004.

Japanese insurer awarded $1 b against Fortress Re

December 31, 2003

An arbitration panel sitting in New York has awarded more than $1 billion against failed aviation reinsurance pool manager Fortress Re Inc., of North Carolina. In a decision issued on December 16, 2003, the panel found that Fortress Re and its principals, Maurice Sabbah and Kenneth Kornfeld perpetrated a massive fraud against Sompo Japan Insurance Inc.

Fortress Re dispute halted for Japan depositions

September 30, 2003

Arbitration proceedings in North Carolina regarding the failed Fortress Re aviation reinsurance pool was halted recently to allow emergency depositions to be taken in Japan.Hearings were already underway when Fortress Re Inc., of North Carolina, requested depositions of four current

Carolina Re insiders sued over $485 m dividend payouts

December 31, 2002

The Joint Liquidators of Bermuda-registered Carolina Reinsurance Ltd. have filed a civil lawsuit in the United States against the firm's shareholders and auditor.They are seeking damages for tens of millions of dollars of dividends they claim were taken out of the company when it was insolvent.

Carolina Re used to siphon assets from aviation pool, claims insurer

March 31, 2002

Bermuda-domiciled Carolina Re was used to siphon approximately $470 million of premiums from a North Carolina-based aviation reinsurance pool known as Fortress Re, it has been alleged. And the principals who controlled both companies have been accused of providing the pool's members with false financial statements showing "exceptional" profits instead of "exceptional" losses.

Carolina Re is forced into liquidation

December 31, 2001

Losses from the World Trade Center terrorist attack have claimed their first victim in Bermuda, with the forced liquidation of Carolina Reinsurance Limited.Carolina Re was a Class 3 insurer that was formed in Bermuda in 1984 and managed by Westbroke Ltd., which is operated by the law firm of Conyers, Dill & Pearman.