Vesttoo: ‘Appears procedures were circumvented’ following LOC controversy
  • X
  • LinkedIn
  • Email
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
  • Email
© 2024 Insider International Limited, company number 15236286, 4 Bouverie Street, London, EC4Y 8AX. Part of the Delinian Group. All rights reserved.

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
Cookies Settings

Vesttoo: ‘Appears procedures were circumvented’ following LOC controversy

Jairo Ibarra
26 July 2023
  • X
  • LinkedIn
  • Email
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
  • Email
vesttoo logo red.jpg

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...

Enter your e-mail to claim a free trial:

Uncover exclusive insights tailored for insurance leaders

    • Stay Informed: Access exclusive industry insights
    • Gain a competitive advantage: Hear first about tactical developments
    • Make better decisions: Understand market dynamics in crucial lines of business
Take a free trial Already a subscriber? Login now

Topics

NewsInsurTechVesttooOperations/tech
jairo ibarra 2024 ii us 2.png
Jairo Ibarra
Senior Reporter
Contact
Gift this article