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Sompo has won a $1.1 billion arbitration award against North Carolina reinsurance pool manager Fortress Re, Sompo’s law firm, Cadwalader Wickersham & Taft LLP, has announced – News and Notes …

[check] Sompo has won a $1.1 billion arbitration award against North Carolina reinsurance pool manager Fortress Re, Sompo’s law firm, Cadwalader Wickersham & Taft LLP, has announced. The arbitration panel concluded that Fortress Re, through its principals Maurice Sabbah and Kenneth Kornfeld, had defrauded Sompo through misrepresenting pool underwriting results and by failing to disclose facts in its accounting for financial reinsurance. The panel also held that Fortress Re fraudulently transferred hundreds of millions of dollars in dividends to Sabbah and Kornfeld, and in fictitious profits ceded to Carolina Reinsurance Company Ltd., a Bermuda reinsurance company owned by Fortress Re principals that is in liquidation proceedings in Bermuda.

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