Vesttoo

Insurance Insider takes a look at some of the biggest news and developments of 2023.

The “convenience claims” route to payout will be limited to claims up to $200,000.

The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.

The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.

Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.

A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.

The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.

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.

Creditors already have authorisation to access Vesttoo’s data as part of their investigation.

The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.