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.
Was this article valuable?
Here are more articles you may enjoy.
US Proposes Voluntary Guidelines for Self-Driving Vehicles in Waning Days of Biden Administration 
Amazon Ignored Its Own Worker Safety Studies, Senate Report Says 
Coming Soon to Florida: New State-Fed Program to Elevate Homes in Flood Zones 
Advocacy Groups Ask FIO to Release Homeowners Insurance Data Collected by NAIC 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.