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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”. -
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.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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The settlement would resolve claims that Allstate defrauded shareholders by underreporting “skyrocketing” auto claims to artificially boost the stock price, which later crashed.
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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 ILS transformer platform claims Vesttoo is in breach of shareholder agreements.
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The co-founders will be on paid leave until a final decision is taken.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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The suit is related to the violation of a non-disclosure agreement between the parties.
