Insurance technology, now known more widely as Insurtech, has the potential to bring significant efficiency & disruption to reinsurance, ILS & risk transfer markets.
Insurtech a hot trend with everyone from traditional reinsurance incumbents, as they seek to improve efficiency and stay ahead of the game, to brokers who are seeking to avoid disintermediation, to insurance-linked securities (ILS) players who see it as a way to enhance the efficiency of their capital even further.
The potential for Insurtech and Fintech initiatives to bring efficient capital, such as ILS capital and alternative reinsurance capital from third-party investors, more directly into contact with risk is huge. The opportunities to use technology to shorten and optimise the chain from original risk, to insurance, to reinsurance, to retrocession (or final capital source), will create winners and losers in the market, making this a trend to watch closely.
According to a report in the Israeli media, the Tel Aviv District Court has approved Vesttoo to seize approximately $30 million in assets from its two ousted co-founders, as well as the persons that worked to source investors who have been implicated in the letter of credit (LOC) fraud scheme.
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As the Chapter 11 bankruptcy case involving insurtech Vesttoo rolls on, the court has filed a now fourth interim order to enforce the automatic stay against Aon’s White Rock Insurance (SAC) Ltd. and the Joint Provisional Liquidators for the White Rock cells, while it’s also agreed that no legal discovery will be undertaken in the […]
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In a statement released by the beleaguered insurtech, Vesttoo notes that some of the creditors to its bankruptcy are questioning the independence of the initial investigation, which it only notes “has been commenced”, suggesting it is not yet over and there will be more information to come.
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Parametric insurance and data-driven risk transfer specialist managing general agency (MGA) Descartes Underwriting has announced the hiring of Ola Jacob as its new UK & Ireland Business Development Director.
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Under-fire Israeli insurtech Vesttoo, which is at the heart of a letter of credit (LOC) fraud scandal, is now claiming hundreds of millions of dollars back from its two ousted co-founders, as well as persons that worked to source investors, that also have been named as accomplices in the fraud scheme.
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In the latest court filings under the Vesttoo chapter 11 bankruptcy case, it’s become clear that a difference of opinion has emerged between creditors to the estate, with the Official Committee of Unsecured Creditors taking a different tack to the joint provisional liquidators to Aon’s White Rock Insurance (SAC) Ltd.
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Hudson Structured Capital Management (HSCM), the reinsurance, insurtech, insurance-linked securities (ILS) and transportation focused investment manager, has participated in a new funding round for homeowners insurtech Kin, as the company secured a $33 million extension to its Series D.
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Tanguy Touffut, the CEO & Co-founder of parametric insurance and risk transfer specialist Descartes Underwriting, expects strong growth for the parametric marketplace, while the role of insurance-linked securities (ILS) investors in backing parametric risk transfer structures is expected to increase as well.
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Speaking this morning in Monte Carlo executives from global reinsurance firm Hannover Re said that the Vesttoo issues with allegedly fraudulent letters of credit (LOC) is an “eye opener” but not systemic and they see no impact to their own pipeline of business in the insurance-linked securities (ILS) market.
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Speaking this morning at an event in Monte Carlo for the 2023 Reinsurance Rendez-Vous, analysts at Fitch Ratings said that the Vesttoo scandal may push investors in insurance-linked securities (ILS) to focus on the safety of structures and the security of collateral.
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