Up to $2.35bn of LOCs that collateralized Vesttoo cells ‘were invalid’: White Rock
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Up to $2.35bn of LOCs that collateralized Vesttoo cells ‘were invalid’: White Rock

Jairo Ibarra
August 29, 2023
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White Rock has said that around $2.35bn of letters of credit (LOCs) that Vesttoo “purported to procure” to collateralize its segregated accounts “were invalid”, according to court records.

Aon’s Bermuda unit noted that Vesttoo “represented” it had obtained 37 LOCs for its reinsurance contracts, which were apparently procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US.

“[The

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Jairo Ibarra
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