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

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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

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