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 new statement, under-fire insurtech Vesttoo has said that it confirms the source of the fraud experienced, to do with invalid bank letters of credit (LOCs), is external to the company, with no current employees under suspicion.
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The move by beleaguered insurtech Vesttoo to file for Chapter 11 bankruptcy protection has resulted in the legal action being pursued against it by broker Aon’s segregated account and transformer company White Rock Insurance SAC being halted and the temporary restraining order being removed.
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In court documents filed to petition against the freezing of its assets, insurtech Vesttoo has said the move would be catastrophic for the company, with its interim CEO saying it would “destroy” Vesttoo’s business.
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Climate risk insurtech The Demex Group has raised $5 million from a syndicate of new and existing investors to deliver its severe convective storm (SCS) and other secondary peril focused solution, Retained Climate Risk Reinsurance (RCR Re), to market.
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Beleaguered insurtech Vesttoo has filed for Chapter 11 bankruptcy protection in the United States, as the company seeks “breathing room” to allow it the time to pursue legal action against those it feels are responsible for the crisis it faces, while also likely seeking protection against the legal action it faces from others such as […]
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Insurance and reinsurance broking giant Aon has expanded its attempt to freeze the assets of beleaguered insurtech Vesttoo, with a fresh appeal to a court in Tel Aviv via its White Rock Insurance (SAC) Ltd. company, it has now been reported.
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The fall-out from the Vesttoo matter shines a spotlight on enterprise risk management (ERM) for the fronting sector, while there is a potential for some in the insurance value-chain to suffer short-term reputational damage after this issue, rating agency KBRA has said.
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In the ongoing court case that sees insurance and reinsurance broking giant Aon, via its White Rock SAC vehicle, pursuing beleaguered insurtech Vesttoo for reparations after letters of credit (LOCs) backing collateralized reinsurance deals were alleged to be fraudulent or forged, the broker is seeking a $136.7 million return of collateral.
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A new statement from the incoming interim CEO of Vesttoo, Ami Barlev, claims that the company has now learned that “a number of factors, external to the company, led directly to the current crisis, including the involvement of certain foreign banks and financial institutions.”
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Insurance and reinsurance broking giant Aon is pursuing beleaguered insurtech Vesttoo through a New York Court via its White Rock Insurance (SAC) Ltd. segregated account and transformer structure, and has so far secured a temporary restraining order to freeze Vesttoo’s funds.
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