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.
The Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of insurtech Vesttoo have objected to broking group Aon being allowed multiple votes on the proposed plan of bankruptcy, while also saying claims from equity holders in certain Vesttoo structures should be denied votes completely.
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Insurance and reinsurance broking giant Aon has been given an extended time-frame to respond to the complaint filed against it in the New York Supreme Court by fronting specialist Clear Blue Insurance, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo.
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As the saga over Vesttoo moves rapidly towards the insurtech’s bankruptcy and liquidation, while the amounts available to claimants in the Chapter 11 case are minimal compared to the damage caused by the fraud that occurred, there are a range of administrative efforts still needed, one of which is the shuttering of investment fund structures […]
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The plan of reorganisation under Chapter 11 for the bankruptcy of beleaguered insurtech Vesttoo has been conditionally approved by the Delaware court judge and can now go to a vote, but documents show that the eventual recovery for unsecured creditors may be minimal.
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Oxbridge Re Ltd., the Cayman Islands based reinsurance company, is anticipating that investors in the first series of tokenized reinsurance securities issued by its subsidiary SurancePlus Inc. will receive a roughly 42% return for the first treaty year.
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It appears that, in aggregate, creditors to the bankruptcy of forged reinsurance letter of credit (LOC) linked insurtech Vesttoo have filed over $4.8 billion in claims against the company and its entities, which provides another signal of the ramifications of and amount of value the market feels has been lost due to the fraud.
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Insurtech Floodbase, which acts as a data provider and reporting agent for parametric risk transfer arrangements, has partnered with commercial insurance and reinsurance broking group Oneglobal to develop parametric flood insurance solutions for the Asian region.
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The Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of insurtech Vesttoo have filed a request with the court to allow them to conduct legal discovery on the main bank named in the letter of credit (LOC) reinsurance collateral fraud, China Construction Bank.
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Artemis has learned that fronting specialist Clear Blue Insurance has filed a lawsuit against broking giant Aon, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo.
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Swiss-headquartered fintech Cerchia has continued to build momentum around its capital markets focused direct risk transfer platform, with a particularly notable cyber trade, that saw a cyber industry-loss warranty (ILW) transacted using a PCS Global Cyber industry-loss index trigger.
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