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.
Tag: reinsurance
Vesttoo Laying Off 75% of Employees Amid Fraud Scandal
Under fire Vesttoo is laying off around 150 employees, accounting for 75% of the company’s workforce. Most of the company’s employees are headquartered in Israel.
Property Insurers Curb New Policies in Cat-Prone Areas Nationally
Insurance companies are pulling back on homeowners’ policies in vulnerable areas nationally out of fear of floods, storms and fires made worse by climate change and soaring costs of rebuilding.
TWIA Takes on $500 Million Line of Credit to Speed Claims
The TWIA board voted to secure a $500 million line of credit to ensure the availability of funds to quickly pay claims if a catastrophic storm impacts the Texas coast this year.
Orion180 Places $455M Reinsurance Arrangement
Amid hard market, backstop supports aggressive growth strategy in Southeast personal lines markets.
Alliant Insurance Services Launches Alliant Re
The fourth-largest P&C commercial insurance broker, Alliant Insurance Services, adds reinsurance to its comprehensive portfolio of risk management solutions.
Florida Citizens Targets Extra $4.2B of Risk Transfer for 2023
Florida’s Citizens Property Insurance Corporation has disclosed details of its proposed risk transfer program for the coming year, which includes a budget of $725 million to fund an additional $4.2 billion of protection.
Twelve Capital: Liquidity Risks “Remote” for Most Reinsurers Amid Banking Crisis
Twelve Capital, an independent investment manager specializing in insurance investments, concluded that “liquidity risk is remote” for most reinsurers.
Gallagher Re’s 1st View on Reinsurance Market
Gallagher Re delivers the very first view on current market conditions within the reinsurance industry for January 1 renewals.
Property Sector Casting a Major Shadow Over Reinsurance Market
A Lockton report suggests the property sector is casting a major shadow over the market, despite conditions in other lines remaining largely predictable.