Markel Bermuda named as Vesttoo creditor over fraudulent LOCs worth $127.5mn
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Markel Bermuda named as Vesttoo creditor over fraudulent LOCs worth $127.5mn

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Markel Bermuda has been appointed to the statutory committee of unsecured creditors in Vesttoo’s Delaware bankruptcy over two collateralized reinsurance transactions involving fraudulent letters of credit.

“The company currently does not expect that losses arising from these fraudulently tendered letters of credit will have a material adverse impact on its results of operations, financial condition or liquidity,” Markel, the insurance subsidiary of Markel Group, said...

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