InsurTech
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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Layr claims its platform can help brokers serve up to 6x more small business clients.
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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”.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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Farmers’ agents in Florida will be offered an appointment with Slide. Renewals issued by Slide will begin for February 2024 effective dates.
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
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Ola Jacob's role at Descartes will focus on expanding the firm's parametric insurance offering in the London market to corporates exposed to climate risks across the globe.
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The additional funding brings Kin’s series D total to $142mn, and its overall equity funding total to $265mn.
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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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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.
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Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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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.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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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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E&S specialty MGA Velocity is launching an E&S carrier after receiving an AM Best rating of A- (Excellent).
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The programme was "oversubscribed on all dimensions”, the company said.
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The platform will connect MGAs with capacity from a wide range of providers.
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The reinsurance tower protects the company to the 185-year return period, reduces retention to $5mn, includes all perils coverage, multi-year and third event protection.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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The business will have insurance management and reinsurance transformer subsidiaries.
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It is understood that the company has mandated Nomura to raise the risk capital.
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New brand H2’s first product is a policy management system that lets investors have access to their collateral accounts and other analytic data.
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Around $100mn of the facility was funded at close, with the remaining funds available in two tranches as the company reaches certain agreed-upon milestones.
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The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
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Ferian Re will be capitalized by an investor group led by BDT Capital Partners
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