Insurtech, Insurance Technology in reinsurance and insurance-linked securities (ILS)

Aon has filed a motion calling for the New York state lawsuit that fronting specialist Clear Blue Insurance filed against it, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo, to be dismissed in its entirety.

Demonstrating its appetite to deliver parametric insurance and data-driven risk transfer solutions beyond natural catastrophe, weather and climate risks, specialist Descartes Underwriting has launched its first parametric cyber offering.

While disagreements over a consolidated approach to liquidating the Vesttoo bankruptcy estate, versus a more segregated approach that makes assets available to the cedents involved in certain reinsurance deals, continues, the Official Committee of Unsecured Creditors have now accused Chaucer of “lying in wait” before launching efforts to secure value for itself.

Insurtech Vesttoo, the company at the heart of a scandal over fraudulent reinsurance letters of credit (LOC), has called for its ongoing US Chapter 11 bankruptcy case to be dismissed and for insolvency proceedings to be commenced in Israel in its place.

Jireh Connect, a technology platform that targets helping brokers place risk more efficiently with reinsurance and risk capital providers and manage the process more effectively, has announced the completion of its first placement, an industry loss warranty (ILW).

As the Vesttoo bankruptcy case continues in the Delaware court, it’s apparent that a difference of opinion that emerged near the beginning of the saga, over ownership of segregated cells and their contents, remains the key issue of disagreement between a range of creditors and parties involved.

Porch Group, owner of a homeowners insurer that found a letter of credit (LOC) backing its reinsurance deal with insurtech Vesttoo was forged, has agreed a $30 million strategic arrangement with broking giant Aon that includes releasing all claims related to the fraud it had against the broker.

Insurtech Floodbase, which acts as a data provider and reporting agent for parametric risk transfer arrangements, is set to integrate 24/7, all-weather synthetic aperture radar (SAR) data into its flood solution, enhancing the coverage and granularity which can make parametric flood insurance and risk transfer triggers more accurate.

Having recently filed to appear as a creditor in the Chapter 11 bankruptcy case of Vesttoo, international specialty insurance and reinsurance group Chaucer is now looking to protect the specific segregated cells that were used for its reinsurance transactions with the insurtech, against any leakage of value to claims made by other creditors to the […]

International specialty insurance and reinsurance group Chaucer plc, part of the China Re group of companies, has formally entered the Vesttoo bankruptcy case, filing its appearance soon after having registered a $257 million claim under the court process.