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

Cookies Settings

Vesttoo: ‘Appears procedures were circumvented’ following LOC controversy

Jairo Ibarra
July 25, 2023
  • X
  • LinkedIn
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
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”.

“The...

Request a free trial:

Fuel a smarter strategy with our actionable market intelligence

    • Gain a competitive edge and accelerate decision-making
    • Be empowered by insights that transform confusion to clarity
    • Uncover growth opportunities and prepare for potential threats
Request a free trial Already a subscriber? Login now

Topics

NewsInsurTechFrontingVesttoo
jairo ibarra/jairo ibarra ii us.png
Jairo Ibarra
Senior Reporter
Contact
Gift this article