Vesttoo
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The company has also been appointed to the statutory committee of unsecured creditors in Vesttoo’s bankruptcy case. -
The InsurTech claims five former staff, including the CEO and CFO, forged signatures and impersonated bank staff.
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
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The Official Committee of Unsecured Creditors is turning the spotlight on Vesttoo’s current board and management.
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Most of the broker’s clients have incurred losses below or about equal to ceded premiums and only one with losses exceeding ceded premiums.
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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.
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Industry sources view the letters of credit (LOC) fraud scandal at Vesttoo as a specific rather than systemic failure, with further scrutiny likely on LOC providers.
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Yu Po provided 79% of supposed capacity behind the 65 transactions closed by Vesttoo since 2020.
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Since 2020, Vesttoo has quoted 96 and closed 65 transactions with collateral totaling roughly $3.9bn, according to a court filing.
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Through legal representatives, Bertele “strongly” rejected all allegations made against him by Vesttoo in a Thursday statement.
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Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.
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A committee of unsecured debtors was appointed, including Markel, Clear Blue, Porch’s HOA, United Automobile Insurance and Proventus.
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