Reinsurance News
Vesttoo
Re/insurance broker Aon’s White Rock seeks freezing of Vesttoo assets in Israel: Report
14th August 2023
Israeli publication Calcalist’s CTech has reported that insurance and reinsurance broker Aon's White Rock (SAC) Ltd. has requested that the Tel Aviv District Court temporarily freeze the insurtech's assets in Israel. Last week, White Rock secured a temporary restraining order from a New York court to freeze the assets of under ... Read the full article
Broker Aon’s White Rock vehicle demands $136.7m collateral return from Vesttoo
14th August 2023
Re/insurance broker Aon's White Rock Insurance (SAC) Ltd. is demanding that insurtech Vesttoo return $136.7 million in collateral that the segregated accounts and transformer structure distributed to the company. Last week, it was revealed that Aon, via its White Rock vehicle, has secured a temporary restraining order to freeze Vesttoo’s funds amid ... Read the full article
Vesttoo investigation finds external factors responsible for fraud crisis: Interim CEO Barlev
11th August 2023
The incoming interim Chief Executive Officer (CEO) of insurtech Vesttoo has stated that following initial conclusions from an in-depth investigation into fraudulent LOCs, the company has discovered that numerous external factors caused the current crisis. Ami Barlev, who has served as a member of Vesttoo's Board since 2021 and was Read the full article
Court orders freezing of Vesttoo’s assets after Aon’s White Rock sought injunction
11th August 2023
Court documents show that global re/insurance broker Aon has secured a temporary restraining order to freeze the assets of under fire Vesttoo in the U.S. as the company pursues the insurtech via its segregated accounts and transformer structure, White Rock Insurance (SAC) Ltd. Aon's White Rock subsidiary offers reinsurance solutions via ... Read the full article
“Difficult to fathom” Vesttoo-linked LOC fraud evaded multiple levels of due diligence: ALIRT
10th August 2023
In a white paper for its clients, ALIRT Insurance Research has said this it's difficult to understand how the alleged fraudulent LOC issue surrounding insurtech Vesttoo was missed by different participants in the chain. As it closely follows the fall-out from the Vesttoo-linked fraudulent LOCs issued by the Chinese Construction Bank ... Read the full article
Vesttoo appoints Ami Barlev as its new Interim CEO
9th August 2023
The Board of insurtech Vesttoo has announced that Ami Barlev has been appointed as its new interim Chief Executive Officer (CEO). Barlev has deep experience across serving in senior positions such as CEO, director and chairman of the board in a number of private and publicly-traded Israeli and NASDAQ companies, as ... Read the full article
Porch discloses Vesttoo-linked charge of $48.2m in Q2 results
9th August 2023
Software-driven financial services firm Porch Group has revealed exposure to reinsurance contracts arranged via Vesttoo and has thus realised a charge of $48.2 million in its Q2 results. Porch noted that in Q3, Homeowners of America (HOA), a subsidiary of Porch Group, discovered that Vesttoo, which arranged capital for one of ... Read the full article
Vesttoo announces liquidation of its collateralized insurer in Bermuda
9th August 2023
Vesttoo Alpha P&C Ltd., launched as a collateralized insurer class of company in Bermuda in July of 2022 by Vesttoo, is being liquidated as the insurtech opts to "focus its activities on a limited number of high-quality and large markets" as the investigation into allegations of fraudulent LOCs continues. It's understood ... Read the full article
Vesttoo in active discussions with potential investors for alternative collateral for clients
7th August 2023
As insurtech Vesttoo continues its investigation into the alleged fraudulent letters of credit (LOCs) used as collateral in its transactions, the firm has reiterated its commitment to "working with alternative investors and brokers to ascertain alternative collateral" for its clients. A statement released by the company says that it is in ... Read the full article
Vesttoo Board confirms it is considering removal of CEO Bertele and co-founder Lifshitz
3rd August 2023
The Board of insurtech Vesttoo has revealed that Yaniv Bertele, Chief Executive Officer (CEO) and Alon Lifshitz, Chief Financial Engineer will be on paid leave as it considers removing the pair as the investigation into fraudulent activity continues. Both Bertele and Lifshitz are two of the company's co-founders. The statement from the ... Read the full article
Vesttoo to lay off substantial portion of workforce as investigation continues
1st August 2023
As the investigation into allegedly fraudulent letters of credit (LOC) continues, Vesttoo has released a statement noting it will be letting go of some of its employees, as the firm focuses on regaining its footing and "emerging from this challenge stronger than before." According to Vesttoo, it is conducting a "rigorous" ... Read the full article
Corinthian agrees investor terms for funds to replace Vesttoo-linked LOC collateral
1st August 2023
Specialty non-catastrophe focused collateralized P&C reinsurer, Corinthian Group, has agreed to terms on a letter of intent (LOI) with a large investor for funds of up to $200 million to replace letter of credit (LOC) collateral linked to insurtech Vesttoo. The terms of the LOI have been agreed by all parties ... Read the full article
Aon threatened with legal action over Vesttoo linked letters of credit
31st July 2023
Aon has disclosed that it may be facing legal action over letters of credit (LOCs) related to the Vesttoo collateral investigation, though has noted that it has "meritorious defences" and intends to "vigorously defend itself" against these claims. The re/insurance broker stated that "certain clients and counterparties have initiated or indicated ... Read the full article
Corinthian says could take months to resolve Vesttoo collateral investigation
28th July 2023
Corinthian Group, the specialty non-catastrophe focused collateralized P&C reinsurance firm, has said that it could take quite some time to resolve any criminal investigation into the Vesttoo collateral issue, and that while the exact details surrounding allegedly fraudulent letters of credit (LOC) remains unclear, the firm is operating under the ... Read the full article
Clear Blue releases forward-looking statement amid Vesttoo issues
28th July 2023
Fronting and program specialist Clear Blue Insurance Group has released a statement affirming that it remains "singularly focused on resolving all issues related to certain invalid letters of credit," and is working quickly to ensure the "smooth replacement of reinsurance capacity" on a small portion of its nearly $2 billion ... Read the full article
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