Vesttoo
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The ILS transformer platform claims Vesttoo is in breach of shareholder agreements. -
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The incoming CEO said initial recommendations from investigators had been adopted in full.
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White Rock’s petition to the New York Southern District Court stated that, "on information and belief, Vesttoo intends to remove all or substantially all funds from its US bank accounts”.
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New CEO Ami Barlev – who has a background in tech, AI, comms and real estate – said he took the role at an “extremely difficult moment” for the InsurTech.
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As part of a restructuring, Vesttoo is liquidating its collateralized insurer in Bermuda, but continues to operate its branches in New York, London and other territories.
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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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The firm has written to brokers and counterparties urging them to continue working with it to deliver solutions.
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The company said it had completed ‘Know Your Customer’ checks on all parties, as the alleged fraudulent LOC crisis continues.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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The CEO said he expects the total number of policies from the October takeout to “be substantially lower than 100,000”, roughly around 30% to 50% of the approved figure.
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The co-founders will be on paid leave until a final decision is taken.
