Reinsurance News
White Rock SAC
$45.5m Randolph Re wildfire private cat bond first issued using a Guernsey PCC
3rd September 2024
Aon, via its protected cell company White Rock Insurance Company PCC Limited, has facilitated a new $45.5 million Randolph Re private catastrophe bond, marking the first time a cat bond has been issued using a Guernsey PCC structure. This new series 2024-1 private cat bond is a renewal of previously ... Read the full article
Aon’s White Rock sues Chinese bank over Vesttoo LOC fraud
29th August 2024
White Rock Insurance (SAC) Ltd., global insurance and reinsurance broker Aon's segregated accounts company, has reportedly filed a lawsuit in New York against China Construction Bank as Aon seeks compensation for itself and its clients for damages related to Vesttoo collateral fraud, as first reported by our sister publication ... Read the full article
BMA & White Rock joint action violates automatic stay provision, says Vesttoo
21st August 2023
In a recent filing to the U.S. bankruptcy court, insurtech Vesttoo has said that joint action launched in the Supreme Court of Bermuda by the Bermuda Monetary Authority (BMA) and Aon's White Rock (SAC) Ltd. last week, violates the automatic stay under its Chapter 11 cases. On Friday, the BMA ... Read the full article
Bermuda’s BMA & Aon’s White Rock to jointly pursue insurtech Vesttoo in court
18th August 2023
The Bermuda Monetary Authority (BMA) and White Rock (SAC) Ltd., insurance and reinsurance broker Aon's segregated accounts and transformer vehicle, have launched action in the Supreme Court of Bermuda to pursue "maximum recovery" for re/insureds impacted by the alleged fraud linked to Vesttoo reinsurance deals. A statement released today by the ... Read the full article
Vesttoo’s bankruptcy filing stops legal action pursued by Aon’s White Rock
16th August 2023
Insurtech Vesttoo's move to commence Chapter 11 bankruptcy protection in the U.S. has, for now, stopped the legal action against it from Aon's White Rock Insurance (SAC) Ltd. from proceeding, while the temporary restraining order to freeze its assets has been vacated. In court yesterday, counsel for White Rock, which is ... Read the full article
Vesttoo requests court deny injunction, says freezing of assets would destroy its business
15th August 2023
Israeli insurtech Vesttoo has requested that the New York court deny Aon's White Rock Insurance (SAC) Ltd.'s request for a preliminary injunction to freeze its assets, stating that this would ultimately destroy its business by "ending its ability to operate." Last week, White Rock sought an injunction freezing the assets ... 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
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