Financial Trouble
They were dealt a heavy blow by the September 11 attacks. Fortress Re pooled the funds of several insurance companies to share the risks of reinsuring aviation portfolios. All four planes that crashed on September 11, 2001 were ultimately reinsured into the Fortress Re pool. The participating companies faced claims of $2.5 billion, and the Fortress Re funds fell far short.
Other airline disasters followed, including a passenger jet crash in the New York borough of Queens on 12 November 2001. Fortress Re stopped writing new business at this time, and has not recommenced.
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