InsurTech

The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.

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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.

The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".

The promotion caps an “extensive internal and external search” following the departure of former CEO and founder Matt Miller last year due to health reasons.

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Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.

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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.

The capital injection comes over a year after Sigo Seguros raised $5.4mn in its seed funding round, co-led by Listen Ventures and Chingona Ventures.

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Sources said the Atlanta-based InsurTech is likely to explore a dual track, with a potential sale looked at alongside the IPO.