Corinthian cites no procedural deficiencies on LOCs and signals $200mn injection
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Corinthian cites no procedural deficiencies on LOCs and signals $200mn injection

Fiona Robertson, 
Liz Bury
August 07, 2023
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Vesttoo collateralised reinsurance partner Corinthian has sent a letter to brokers and counterparties revealing that the FBI Financial Crimes team has been brought in to help investigate alleged fraud over forged letters of credit (LOCs).

Corinthian also said it had an agreement in the form of a letter of intent that was awaiting final signatures with an investor, for funds that would replace LOC collateral of up to $200mn by the end of August...

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Fiona Robertson
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Liz Bury
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