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 […]Read the full article
Insurtech, Insurance Technology in reinsurance and insurance-linked securities (ILS)
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.
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.Read the full article
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.Read the full article
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.Read the full article
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.Read the full article
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.Read the full article
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.”Read the full article
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.Read the full article
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.Read the full article
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.Read the full article