Collateral news

Porch Group has filed a law suit in New York against China Construction Bank Corporation, over the Vesttoo reinsurance collateral fraud, accusing the massive Chinese bank of “enabling its personnel to perpetrate a colossal fraud” on the plaintiffs.

Clear Blue Insurance has amended its complaint against Aon, in the New York court lawsuit related to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo, with the language strengthened and Aon now accused of soliciting the fronting specialist’s involvement in a scheme it says was structured and masterminded by the broker.

After a hearing held on Friday in the Supreme Court of Bermuda, an order has been filed that sanctions the settlement agreements that had been proposed under the Vesttoo Chapter 11 bankruptcy and approval was given for the joint provisional liquidators (JPL’s) to Aon’s White Rock to remove their objections to the plan.

The Supreme Court of Bermuda will hold a hearing in relation to the Vesttoo bankruptcy case this week, as the focus for creditors and cedents turns to receiving approval to proceed with the proposed settlement agreements under the Chapter 11 bankruptcy plan.

Another settlement agreement has been reached in the Vesttoo bankruptcy case, as the debtors, the Official Committee of Unsecured Creditors and reinsurance giant Hannover Re have reached an agreement over funds related to a longevity swap transaction.

The modified and amended Chapter 11 bankruptcy plan of liquidation for insurtech Vesttoo got its court approval late yesterday, as the Delaware judge signed off on a last minute term sheet related to settlements. But, with some objections still being raised the focus now turns to the Bermuda court for approval to proceed with constructive […]

Creditor parties in the bankruptcy of insurtech Vesttoo are much closer now to an agreement on the settlements that had provisionally been reached, as well as on the plan of bankruptcy and liquidation, so hope has emerged that sides may find a common ground and the process could then move forwards at pace.

The joint provisional liquidators (JPL’s) to the cells of the Aon White Rock SAC vehicle that were affected by the Vesttoo letter of credit (LOC) in reinsurance fraud have objected to settlements reached between bankruptcy creditors, saying care must be taken to ensure constructive trust claims are respected and those entering into settlements do not […]

Another settlement agreement has been reached between the Official Committee of Unsecured Creditors in the Vesttoo bankruptcy case and two of the affected cedents, in this case Beazley and Porch, with these cedents agreeing to support the bankruptcy plan and gaining rights to a portion of the funds held in debtor vehicle Vesttoo Bay XIX […]

The Tel Aviv District Court has dismissed insurtech Vesttoo’s initial attempt to claim damages from its two ousted co-founders and the persons that worked to source investors, who were implicated in the letter of credit (LOC) fraud scheme.