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A summary of commentary from the second day of Inside P&C New York, with insights on InsurTechs, MGAs and Vesttoo. -
The Orlando, Florida-based brokerage filed a complaint last week in a South Carolina court, saying the clients being solicited represent over $8mn in annual revenue.
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The InsurTech claims five former staff, including the CEO and CFO, forged signatures and impersonated bank staff.
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In the initial court documents, Aon alleged its rival broker and former head of PFI “conspired unlawfully” to recruit key members of the team.
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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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For the casualty and property programs the Archdiocese paid nearly $2.2mn collective annual premiums each, court records reviewed by Inside P&C show.
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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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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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The company’s Monday statement is the latest development in a debacle that could potentially lead to a major loss event for the utility company’s casualty insurers.
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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.
