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    Articles Bermuda Featured Fraud Insurance Japan USAMarch 31, 2002

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

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    By
    22 years ago

    Topics

    Bermuda Fraud Insurance Japan USA

    Keywords

    Bermuda Insurance Market Carolina Re Fortress Re Kenneth Kornfeld Leeor Sabbah
    Maurice Sabbah The Aioi Insurance Co. Ltd. The Chiyoda Fire & Marine Insurance Co. Ltd. The Dai-Tokyo Fire & Marine Insurance Co. Ltd. The Nissan Fire & Marine Insurance Co. Ltd. The Taisei Fire & Marine Insurance Co. Ltd. Westbroke Ltd. Zmira Sabbah
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    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.