Vesttoo
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Yu Po provided 79% of supposed capacity behind the 65 transactions closed by Vesttoo since 2020. -
Since 2020, Vesttoo has quoted 96 and closed 65 transactions with collateral totaling roughly $3.9bn, according to a court filing.
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Through legal representatives, Bertele “strongly” rejected all allegations made against him by Vesttoo in a Thursday statement.
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Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.
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HOA has secured approximately $147mn in supplemental reinsurance coverage, replacing 84% of what was in place under a terminated agreement with Aon White Rock.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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A committee of unsecured debtors was appointed, including Markel, Clear Blue, Porch’s HOA, United Automobile Insurance and Proventus.
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The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
Related
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Aon’s White Rock sues CCB for $140mn over Vesttoo scandal
August 29, 2024 -
Delaware bankruptcy court approves Vesttoo Chapter 11 plan
February 28, 2024