Vesttoo news

Vesttoo has stated in filings to the US bankruptcy court, that the joint action begun Friday, by broker Aon’s White Rock Insurance SAC vehicle alongside regulator the Bermuda Monetary Authority (BMA), is in violation of the automatic stay that began with its Chapter 11 filing.

Insurance and reinsurance broking giant Aon through its White Rock Insurance (SAC) Ltd. company is joining forces with the Bermuda Monetary Authority (BMA) to pursue “maximum recovery” for the re/insureds affected by the alleged fraud involving Vesttoo related segregated accounts.

Alongside its filing for Chapter 11 bankruptcy protection in the United States, under-fire insurtech Vesttoo has also filed for insolvency relief under the Israeli court system.

The China Construction Bank (CCB), which is the main bank named in relation to the fraudulent letter of credit (LOC) scandal involving insurtech Vesttoo, grew its activities significantly as an LOC issuing and confirming bank in 2022, rating agency AM Best noted.

Artemis has learned from sources that the investors behind collateralized reinsurance transactions facilitated by insurtech Vesttoo where the letters of credit (LOCs) guaranteeing the limits have been deemed invalid are China-based.

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.

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.

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.

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 […]

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.