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 used to siphon assets from aviation pool, claims insurer
22 years ago
KeywordsBermuda Insurance Market Carolina Re Fortress Re Kenneth Kornfeld Leeor Sabbah
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