Vesttoo
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The InsurTech claims five former staff, including the CEO and CFO, forged signatures and impersonated bank staff. -
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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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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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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Markel Bermuda entered into two collateralized reinsurance transactions with White Rock for the benefit of a segregated account owned by a Vesttoo affiliate.
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The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
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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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If the assets of the cell form part of the Vesttoo estate, this may impact the priority of returning associated capital to cedants.
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