Up to $2.35bn of LOCs that collateralised Vesttoo cells ‘invalid’
  • 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

Up to $2.35bn of LOCs that collateralised Vesttoo cells ‘invalid’

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

White Rock has said that around $2.35bn of letters of credit (LOCs) that Vesttoo “purported to procure” to collateralise its segregated accounts “were invalid”, according to court records.

Aon’s Bermuda unit noted that Vesttoo “represented” it had obtained 37 LOCs for its reinsurance contracts, which were apparently procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US.

“[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

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