Insurance-linked investments

The average return across the group of UCITS catastrophe bond funds has reached a stunning 9.34% as of early August, as cat bond fund strategies continue to deliver outstanding returns in 2023.

The insurance-linked securities (ILS) fund-of-funds strategy launched by Bermuda-based Clarien Investments Limited (CIL), the asset management arm of Clarien Bank, has now allocated to ILS fund strategies managed by Pillar Capital and Neuberger Berman, we’ve learned.

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.

You can now view the agenda and session timings for our upcoming catastrophe bond and insurance-linked securities (ILS) market conference, Artemis London 2023 on Tuesday September 5th. Register soon to attend!

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.

The Florida Office of Insurance Regulation (OIR) recently approved Texas-based property and casualty (P&C) insurer, Mainsail Insurance Company, as a new domestic insurer following legislative reforms earlier this year. At the same time as the approval of Mainsail Insurance, the second domestic firm approved to become an authorised P&C insurer in the State of Florida […]