Summary
In November 2001, following the September, 11th 2001 (“9/11”) terrorist attack on the World Trade
Center, Taisei Fire and Marine Insurance Co (TFMI) collapsed, due to catastrophic insurance claims of
$2.5 billion.
TFMI,together with two other Japanese companies, had amanagement agreement with Fortress Re,which pooled the funds of the companiesto share the risks ofreinsuring aviation portfolios. All four planes that crashed on the World Trade Center and other sites during the 9/11 attack were reinsured in the Fortress Re pool.