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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.
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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.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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The London market businesses face potential fallout as Vesttoo investigates collateral inconsistencies.
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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.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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The UK has the highest number of InsurTechs per capita among all major world economies, a new report from McKinsey has found.
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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.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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It emerged last week that Steve Hearn was leaving Ardonagh, which he joined through its acquisition of Corant Global.
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The platform will connect MGAs with capacity from a wide range of providers.
