Vesttoo

Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.

The documents figure in a potential criminal case against a CCB employee.

The fund apparently plans to purchase life insurance policies as investments.

White Rock claims CCB was responsible for the “lion’s share” of fraudulent letters of credit.

Its risk management of US captive reinsurance contracts has improved, the agency said.

Bermuda liquidators had earlier objected to out-of-court agreements between parties.

The approval takes account of several out-of-court settlements.

Procedural expenses in the case have been as high as $100,000 per day.

Vesttoo is unable to make a similar request again.

All parties interested in the case have agreed to participate in the process.

The figure was disclosed in the group's recent 8-K disclosure.

The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.

The company has also been appointed to the statutory committee of unsecured creditors in Vesttoo’s bankruptcy case.

The parties also signed a release of claims arising from the Vesttoo fraud.

The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.

The “convenience claims” route to payout will be limited to claims up to $200,000.

The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.

The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.

Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.

The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.

In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.

Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.

Creditors already have authorisation to access Vesttoo’s data as part of their investigation.

The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The company has also been appointed to the statutory committee of unsecured creditors in Vesttoo’s bankruptcy case.

Executives emphasized the importance of taking on enough risk to have "skin in the game” in the wake of Vesttoo’s bankruptcy and noted that the use of LOCs may require additional layers of risk management.

Executives on the morning panel at the Inside P&C conference discussed current market cycles, return on capital, E&S growth, and Vesttoo.

The InsurTech claims five former staff, including the CEO and CFO, forged signatures and impersonated bank staff.

A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.

The Official Committee of Unsecured Creditors is turning the spotlight on Vesttoo’s current board and management.

Most of the broker’s clients have incurred losses below or about equal to ceded premiums and only one with losses exceeding ceded premiums.