Collateralized reinsurance news

Global insurance and reinsurance specialist Everest has seen the recent trend of a return to productive growth for its collateralized reinsurance investment vehicle Mt. Logan Re continue in the second-quarter of 2023.

Artemis has learned from sources that the investors behind collateralized reinsurance transactions facilitated by insurtech Vesttoo where the letters of credit (LOCs) guaranteeing the limits have been deemed invalid are China-based.

In a new statement, under-fire insurtech Vesttoo has said that it confirms the source of the fraud experienced, to do with invalid bank letters of credit (LOCs), is external to the company, with no current employees under suspicion.

The move by beleaguered insurtech Vesttoo to file for Chapter 11 bankruptcy protection has resulted in the legal action being pursued against it by broker Aon’s segregated account and transformer company White Rock Insurance SAC being halted and the temporary restraining order being removed.

In court documents filed to petition against the freezing of its assets, insurtech Vesttoo has said the move would be catastrophic for the company, with its interim CEO saying it would “destroy” Vesttoo’s business.

Twelve Capital, the Zurich-headquartered insurance-linked securities (ILS), catastrophe bond and reinsurance investment manager, has said that it expects no direct losses from the wildfires in Hawaii, while typhoon Lan’s passage through Japan is not expected to cause much of an impact to its portfolios.

Beleaguered insurtech Vesttoo has filed for Chapter 11 bankruptcy protection in the United States, as the company seeks “breathing room” to allow it the time to pursue legal action against those it feels are responsible for the crisis it faces, while also likely seeking protection against the legal action it faces from others such as […]

Insurance and reinsurance broking giant Aon has expanded its attempt to freeze the assets of beleaguered insurtech Vesttoo, with a fresh appeal to a court in Tel Aviv via its White Rock Insurance (SAC) Ltd. company, it has now been reported.

The fall-out from the Vesttoo matter shines a spotlight on enterprise risk management (ERM) for the fronting sector, while there is a potential for some in the insurance value-chain to suffer short-term reputational damage after this issue, rating agency KBRA has said.

In the ongoing court case that sees insurance and reinsurance broking giant Aon, via its White Rock SAC vehicle, pursuing beleaguered insurtech Vesttoo for reparations after letters of credit (LOCs) backing collateralized reinsurance deals were alleged to be fraudulent or forged, the broker is seeking a $136.7 million return of collateral.