Aon has filed a motion calling for the New York state lawsuit that fronting specialist Clear Blue Insurance filed against it, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo, to be dismissed in its entirety.
Tag: Aon
Buyers Driving Terms on Cyber Reinsurance Renewals
It was a buyers’ market for cyber reinsurance at Jan. 1, driven by improved results in the primary market and more options for transferring risk, according to recent broker reports.
Aon: Higher Profitability, Retro Capacity Contributed to ‘Smooth’ Jan. 1 Renewals
Jan. 1 renewals were smooth compared with the previous year as the market saw greater profitability and retrocession capacity among other positive trends, said broker Aon plc.
Aon to Buy Middle-Market Insurance Broker NFP in $13.4B Deal
Management consulting firm Aon said on Wednesday it will buy privately held NFP in a deal valued at about $13.4 billion to tap the fast-growing middle-market segment of insurance brokerage, wealth management and retirement plan advisory.
Clear Blue Files Legal Action Against Aon Over Vesttoo LOC Fraud Issue
Artemis has learned that fronting specialist Clear Blue Insurance has filed a lawsuit against broking giant Aon, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo.
Vesttoo Case: White Rock Notes 37 LOCs in Question, Representing $2.35B
A new filing in the Vesttoo bankruptcy case provides a more detailed view of the scale of the alleged fraud.
Israeli AI Startup Vesttoo Sparks a Global Insurance Scandal
A hot Israeli startup promised to use artificial intelligence to spread the risk of insurance policies. Now, Vesttoo is embroiled in scandal thanks to an old-fashioned problem: an alleged multi-billion-dollar fraud involving faked letters of credit.
D&O Pricing Shows Double-Digit Drop in Q2: Aon
According to Aon’s quarterly Public Company D&O Pricing Index, the average price per million for public company directors and officers (D&O) liability insurance declined for the fifth consecutive quarter in the second quarter of 2023, down 26.8% compared to 2022.
Aon Facing Client and Counterparty Action Over Vesttoo Linked LOCs
Insurance and reinsurance broking giant Aon has acknowledged that it is facing legal action over letters of credit (LOCs) related to the Vesttoo collateral investigation, but believes it has “meritorious defenses” in this case.
Severe Convective Storms Drive Above-Average 1H Catastrophe Losses
The first 6 months of 2023 saw above-average natural catastrophe losses, with many of those losses the result of severe convective storms, according to multiple analyses of first-half catastrophe activity.