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

London Innovation Underwriters, the entity established by listed special purpose acquisition company Financials Acquisition Corp, which was launched in 2022 by sector executives William Allen and Andrew Rear, has lowered its targeted equity raise to up to £300 million, to fund its strategy to access the returns of Lloyd’s underwriting via the London Bridge 2 […]

In a sign that the Vesttoo saga could be sped through the courts in order to liquidate the insurtech and its assets, to protect value for stakeholders and creditors while avoiding further litigation between parties, a filing by the US Trustee calls for the Chapter 11 bankruptcy case to be converted to Chapter 7.

Insurance and reinsurance broking giant Aon is continuing to work with clients to help the industry replace lost capital following the letter of credit (LOC) fraud at insurtech Vesttoo, Eric Andersen, President of Aon plc said last week.

Vesttoo, the insurtech at the center of an international reinsurance letter of credit (LOC) fraud investigation, is trying to sell off assets of the firm as part of its plans to emerge from the scandal and trade forwards, but creditors are accused by the company of undermining these efforts in a display of brinkmanship.

Boost Insurance, a company that has developed technological infrastructure for the insurance market to streamline participation, including to connect reinsurance capital with programs and portfolios, has launched Boost Re, a US domiciled captive structure the cells of which it will enable alternative capital providers to deploy capacity through.

African Risk Capacity Limited (ARC Ltd.) has entered into a partnership with insurtech Floodbase that will see the pair working to develop, distribute, and scale parametric flood insurance products for Africa.

Vesttoo has responded to the Official Committee of Unsecured Creditors calls for its liquidation to be accelerated, stating that it has produced “a significant business plan” and that the creditors should give the insurtech the time to deliver what it believes could be a “value-maximizing transaction.”

The Official Committee of Unsecured Creditors in the Vesttoo bankruptcy case objects strongly to the insurtech’s plans to attempt to trade forward, calling these efforts a “wasteful pursuit” that is burning money that could be returned to those harmed by the extensive letter of credit (LOC) in reinsurance fraud.

As the Chapter 11 bankruptcy case of beleaguered insurtech Vesttoo continues, the latest is that insurance and reinsurance broking giant Aon has agreed that the Committee of Unsecured Creditors can conduct some legal discovery on its entities, including White Rock.

Speaking at the Convergence event in Bermuda today, Adrian Jones, a former partner at HSCM Ventures, the venture capital business affiliated with Hudson Structured Capital Management, highlighted the artificial intelligence opportunity for the insurance-linked securities (ILS) industry, but also cautioned the ILS sector to take care with data.