Vesttoo
-
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. -
A committee of unsecured debtors was appointed, including Markel, Clear Blue, Porch’s HOA, United Automobile Insurance and Proventus.
-
Markel Bermuda entered into two collateralized reinsurance transactions with White Rock for the benefit of a segregated account owned by a Vesttoo affiliate.
-
The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
-
The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
-
The story will play out through bankruptcy court filings, but other exposed players and segments will be on watch for ratings agency findings and legal action.
-
Plus the latest people moves and all the top news of the week.
-
Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
-
The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
-
Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.
-
Plus all the latest executive moves and the top news from the week.
-
The top five fronting companies by dollar exposure to CCB are: Clear Blue, Homeowners of America, Clear Blue Specialty, Trisura Specialty and Highlander Specialty.
Most Recent
-
Sixth Street completes $5.1bn acquisition of Enstar
02 July 2025 -
Gallagher Re hires Aon Re’s Muñoz as global fac CEO
02 July 2025