Reinsurance News
Vesttoo
Vesttoo issues highlight importance of sound counterparty risk practices: DBRS
27th July 2023
Vesttoo's issues with allegedly fraudulent letters of credit (LOC) highlight the importance of sound counterparty risk practices for insurers, suggests DBRS Morningstar. Citing various media reports, DBRS Morningstar has said that the allegedly fraudulent LOCs provided to insurers by investors for reinsurance transactions within the Vesttoo platform could total $4 ... Read the full article
AM Best places Clear Blue’s rating under review with negative implications amid Vesttoo issues
26th July 2023
Global ratings agency AM Best has placed the credit ratings of fronting and program specialist, Clear Blue Insurance Group, under review with negative implications, citing uncertainty around the firm's ability to rely on certain letters of credit (LOC) posted to back reinsurance, as the investigation at Vesttoo continues. Despite the ... Read the full article
AM Best to investigate collateral arrangements amid Vesttoo allegations
25th July 2023
AM Best will review the collateral arrangements of all fronting companies that it provides ratings for, the rating agency stated in light of the claims that collateral involved in transactions facilitated by insurtech Vesttoo could be fraudulent. “Although the details and scope of this issue remain unclear, AM Best is monitoring ... Read the full article
Clear Blue highlights claims paying ability & financial strength amid Vesttoo fraud allegations
24th July 2023
Fronting and program specialist Clear Blue Insurance Group has underlined its strong enterprise risk management procedures that protect its claims paying ability and financial strength, but has said that it may seek additional reinsurance, in response to allegations of fraudulent collateral issues at Vesttoo. As allegations of fraudulent letters of ... Read the full article
Fronting firm MS Transverse notes “immaterial” exposure to Vesttoo collateral issue
20th July 2023
Fronting company MS Transverse has released a statement in light of the alleged issues with letters of credit (LOC) used as collateral for transactions facilitated by insurtech Vesttoo, explaining that the latter only participates on one program with MS Transverse, and that it believes any impairments "should be immaterial" to ... Read the full article
Vesttoo confirms senior departures following investigation into claims of fraudulent collateral
18th July 2023
An Israeli tech publication has reported that insurtech Vesttoo is under investigation following the discovery of billions of dollars in "fraudulent collateral", with the fall-out prompting the departure of some of the leadership team. As first reported in publisher Calcalist's CTech yesterday, it's understood that "billions of dollars in collateral" are ... Read the full article
Vesttoo completes $120m casualty quota share renewal for leading Lloyd’s syndicate
5th June 2023
Vesttoo, an insurance risk transfer and investment platform, has announced the completion of a successful $120 million renewal of quota share reinsurance cover for a leading London Lloyd's syndicate. The transaction, which was brokered by Howden Tiger, demonstrates continued global demand to bridge the insurance and capital markets. According to the announcement, ... Read the full article
Vesttoo hires Jon Ewing as Chief Marketplace Officer
2nd May 2023
Vesttoo, an insurance risk transfer and investment platform, has appointed Jon Ewing as Chief Marketplace Officer. Towards his new role, Ewing brings over two decades of extensive experience in financial services, as well as possessing expertise in launching trading platforms. As Chief Marketplace Officer, Ewing will spearhead the development of Vesttoo's digital ... Read the full article
Vesttoo appoints Thomas Rose as Head of Capital Markets, North America
9th February 2023
Digital insurance risk transfer and investment platform Vesttoo has announced the hiring of capital markets executive Thomas Rose as its new Head of Capital Markets, North America. Rose holds more than two decades of experience, having previously held key positions at Barclays Global Investors, BlackRock, and Neuberger Berman. Before joining Vesttoo, he ... Read the full article
Vesttoo closes Series C financing round, company now valued at $1bn
25th October 2022
Vesttoo, the digital insurance risk transfer and investment platform, has closed its $80m Series C financing round, which it says has raised the valuation of the company to $1bn. The firm said in a statement that the round was co-led by Mouro Capital and a private equity fund. A US-based bulge-bracket ... Read the full article
Vesttoo appoints Julia Henderson as Chief Commercial Officer
12th September 2022
Vesttoo has announced the appointment of reinsurance and ILS expert Julia Henderson as Chief Commercial Officer. Henderson has worked in the reinsurance sector for 18 years, having held executive roles at PartnerRe, Brit Insurance, Peak Capital, and Stable. Before joining Vesttoo as a CCO, she served as a member of Vesttoo’s advisory ... Read the full article
Vesttoo enters $1bn reinsurance agreement with Clear Blue
22nd August 2022
Vesttoo has entered a partnership with Clear Blue Insurance Group to deploy $1bn in reinsurance capacity to Clear Blue’s P&C lines over the next year. A statement from the two firms said that the partnership is part of Vesttoo’s vision to bridge the gap between the insurance and capital markets, scaling ... Read the full article
Vesttoo names former RGA exec Kunihiko Iinuma as General Manager, Japan
2nd August 2022
Digital insurance risk transfer and investment platform, Vesttoo, has named Kunihiko Iinuma, formerly of UBS and Reinsurance Group of America (RGA), as the new General Manager of its Japan operation. Iinuma, a financial industry veteran, brings more than three decades of experience in executive roles to Vesttoo, including at RGA Japan, ... Read the full article
Vesttoo appoints Allianz’ Minas Kalachian as Head of Structuring
21st July 2022
Vesttoo has appointed reinsurance executive, Minas Kalachian as its new Head of Structuring. Within this role, he will lead the Product Specialists and Structuring teams at Vesttoo, which will ultimately drive the development of financing solutions for the company’s clients. As well as this, the teams will also design and implement financial ... Read the full article
Vesttoo adds three to EMEA Capital Market team
7th July 2022
Vesttoo, the digital insurance risk transfer and investment platform, has announced the initial members of its Europe, the Middle East and Africa (EMEA) focused Capital Market team, which will be led by Stefano Sola. In late June, Vesttoo announced the addition of Sola as its Global Head of Capital Markets, ... Read the full article
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