InsurTech

The additional investment makes this the largest ever Series B round for an InsurTech, according to the firm.

The capacity deal is slated for deals with 10/1 effective dates and beyond.

A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.

Ola Jacob's role at Descartes will focus on expanding the firm's parametric insurance offering in the London market to corporates exposed to climate risks across the globe.

The company also said that it has secured the replacement of all reinsurance on its ongoing portfolio of business through third-party reinsurers and an affiliated reinsurer.

Melissa Collett served as executive director for professional standards at the CII, where she spearheaded the Digital Ethics Companion.

Renew Risk will be hiring cat modellers and climate scientists, as it expands its proposition to help insurers understand the risks of insuring renewable energy infrastructure.

The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.

Digital transformation top of boardroom agenda, according to Cytora CEO Richard Hartley.

The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.

Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.

Issues with faked letters of credit are not limited to one banking provider, sources said.

The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.

The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.

The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.

The London market businesses face potential fallout as Vesttoo investigates collateral inconsistencies.

The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.

The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".

Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.

The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.

It emerged last week that Steve Hearn was leaving Ardonagh, which he joined through its acquisition of Corant Global.

The platform will connect MGAs with capacity from a wide range of providers.

Insurers are looking ahead to possible fallout from issues such as cyber risks and the impact of AI on the workforce, while still seeing these new trends as opportunities to capture.

The company’s platform allows for the sharing of high quality, standardised data across the insurance value chain.