InsurTech

In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.

Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.

Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.

The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.

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”.