Vesttoo

The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".

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.

The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.

The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.

The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.

William Cheney is set to join the firm as head of insurance US later this month.

The company will use the funds to expand its global presence, enhance its marketplace platform and widen its offering.

The incoming CFO brings with him more than 15 years of experience in financial services, insurance and capital markets.

Acrisure Re brokered the deal.

Brian Kirwan, Douglas Min and Omar Ali have been appointed as general managers of Europe, Korea and the UAE, respectively.

The insurance marketplace aims to bridge the gap between insurance and capital markets.

Daniel Butzbaugh will work at the company’s New York office and lead its cat and industry loss warranty transactions.