Vesttoo

The story will play out through bankruptcy court filings, but other exposed players and segments will be on watch for ratings agency findings and legal action.

Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.

Need to Know

The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.

Swyfft is one of Clear Blue’s largest partners, writing nearly $135mn of premium of its $519mn portfolio in 2022, according to its NAIC annual statement.

Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.

The top five fronting companies by dollar exposure to CCB are: Clear Blue, Homeowners of America, Clear Blue Specialty, Trisura Specialty and Highlander Specialty.

The embattled ILS InsurTech said its investigation into fraudulent letters of credit used as collateral in the company’s transactions was in “advanced stages”.

The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.

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The process is being initiated to facilitate restructuring and “provide breathing room” to pursue legal actions against all parties responsible for damages caused to the company, Vesttoo said.

The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.