The Vesttoo fraud saw billions of dollars of letter of credit (LOC) collateral found to be invalid, as a sophisticated fraud involving actors across the globe forged LOCs and invented investors, to back Vesttoo facilitated reinsurance deals. The scandal showed up a failure of the reinsurance industry’s KYC processes and resulted in a drawn-out court case and bankruptcy process.
Vesttoo, the insurance-linked securities (ILS) focused financial technology company, has renewed a capital market backed casualty quota share reinsurance arrangement at an upsized $120 million over the prior year, for a leading Lloyd’s syndicate.
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Vesttoo, the insurance-linked securities (ILS) focused financial technology company, is reportedly seeking to raise a Series D funding round at a valuation of between $1.5 billion and as much as $2 billion.
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Vesttoo, the insurance capital markets focused insurtech, has announced the hiring of experienced alternative investments specialist Jon Ewing to lead the development of an insurance-linked securities (ILS) marketplace.
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When it comes to the non-catastrophe side of the insurance-linked securities (ILS) market, there is an opportunity to address funding gaps that exist in the industry and have held back growth, while at the same time delivering new and relatively uncorrelated asset classes, Vesttoo’s CEO Yaniv Bertele explained at an event last week.
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Julia Henderson, Chief Commercial Officer at ILS focused insurtech Vesttoo, has asserted that leveraging technology to deliver more transparent and objective risk pricing is key to gaining both investor and rating agency confidence in the alternative capital space.
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Vesttoo, the insurance-linked securities (ILS) focused insurtech company, continues to expand its global team with senior and experienced hires, the latest being William Cheney, who is departing his role at reinsurance broker and risk capital advisory Howden Tiger to join the firm.
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Vesttoo, the insurance-linked securities (ILS) focused insurtech company, has made another senior hire focused on institutional capital markets, with former BlackRock executive Thomas Rose joining the company as Head of Capital Markets, North America.
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Vesttoo, the insurance-linked securities (ILS) focused insurtech company, has added another experienced business development hire, with former Akinova and Inari employee Alexander Pike joining the company.
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Insurance and reinsurance broker Aon has been working with insurtech Vesttoo on intellectual property insurance-related financing solutions, with the latter helping to bring capital markets capacity to the brokers proposition.
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