Insurance-linked investments

There is now only one week to go until our upcoming catastrophe bond and insurance-linked securities (ILS) market conference, Artemis London 2023 on Tuesday September 5th. Register soon to attend as there are a few spaces left!

A new filing in the Vesttoo bankruptcy case provides a more detailed view of the scale of the alleged fraud, as Aon’s segregated accounts and reinsurance transformer company White Rock Insurance (SAC) Ltd. notes that there were 37 letters of credit (LOCs) that were likely invalid, which represented some $2.35 billion in value.

Porch Group subsidiary Homeowners of America Insurance Company (HOA), a managing general agent (MGA) and insurance carrier hybrid, has now filed to appear as a creditor in the Chapter 11 bankruptcy case of beleaguered insurtech Vesttoo, as HOA looks to protect its rights and any possible recoveries that can be made.

Two of the co-founders of under-fire insurtech Vesttoo have now been fired by the Board, with CEO Yaniv Bertele and Chief Financial Engineer Alon Lifshitz now officially removed from the company, and a new allegation has been reported, that a 2019 transaction facilitated by Vesttoo also had a fake letter of credit (LOC).

During its bankruptcy case, beleaguered insurtech Vesttoo has been approved by the court to continue paying its staff, including certain employee benefits and expenses, but at a hearing this week the US Trustee balked at the suggestion terminated staff and founders may receive payments.

This first video of the day at our Artemis ILS Asia 2023 conference, held in Singapore on July 13th 2023, featured the Monetary Authority of Singapore (MAS) giving a welcome keynote speech to our 200 plus attendees.

Bermuda-based specialist collateralized reinsurance and insurance-linked securities (ILS) investment manager, Pillar Capital Management Limited, has no intentions of changing its strategy as steady growth in assets under management (AuM) continues.

The proposed acquisition of GAM Holding AG, parent company to GAM Investments and home to one of the largest catastrophe bond fund strategies, by specialist fund management group Liontrust has failed to win the necessary investor support, with the GAM Board now turning to discussions with the rival investor group NewGAMe.

The latest in the Vesttoo bankruptcy case, is that the insurtech’s lawyers have engaged with counsel for Aon’s White Rock Insurance (SAC) Ltd. and the Joint Provisional Liquidators for the White Rock cells that are subject to Bermuda court action, coming to an agreement for an order that would enforce an automatic stay on an […]

The importance of the Fermat Capital Management catastrophe bond funds to global asset manager GAM Investments has become abundantly clear, with disclosures related to the GAM Holding acquisition by Liontrust suggesting Fermat is responsible for as much as 21% of the assets and revenues of the firm.