Vesttoo: ‘Appears procedures were circumvented’ following LOC controversy
  • X
  • LinkedIn
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
© 2024 Insider International Limited, company number 15236286, 4 Bouverie Street, London, EC4Y 8AX. Part of the Delinian Group. All rights reserved.

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Vesttoo: ‘Appears procedures were circumvented’ following LOC controversy

vesttoo logo red.jpg

ILS platform Vesttoo has said that it appears “at a minimum” that its “procedures were circumvented” following reports of alleged fraudulent letters of credit (LOCs) that were used as collateral in some of its transactions.

A spokesperson for the InsurTech told this publication in a statement that “while there is still much that is unknown at this stage, the company is doing all it can to determine how and where the fraudulent LOCs originated”.


Request a free trial:

Uncover exclusive insights tailored for insurance leaders

    • Stay Informed: Access exclusive industry insights
    • Gain a competitive advantage: Hear first about tactical developments
    • Make better decisions: Understand market dynamics in crucial lines of business
Gift this article