Vesttoo: ‘Appears procedures were circumvented’ following LOC controversy
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Vesttoo: ‘Appears procedures were circumvented’ following LOC controversy

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ILS platform Vesttoo has said that it appears “at a minimum” that its “procedures were circumvented” following reports of alleged fraudulent letters of credit (LOCs) that were used as collateral in some of its transactions.

A spokesperson for the InsurTech told this publication in a statement that “while there is still much that is unknown at this stage, the company is doing all it can to determine how and where the fraudulent LOCs originated”.

“The...

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