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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. -
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.
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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.
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The company’s platform allows for the sharing of high quality, standardised data across the insurance value chain.
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The partnership will give Lloyd’s Lab members access to expand operations in Dubai.
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Costin left Piiq Risk Partners in November 2022 after nearly three years at the aviation broker.
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The round was led by Tokio Marine and included MetLife Next Gen Ventures, Malaysia's sovereign wealth fund Khazanah Nasional and new and existing shareholders.
