U.S. insurance and home inspection software provider Porch Group is suing China Construction Bank Corp (CCB), the country’s third-biggest lender by assets, for allegedly enabling a “massive fraud” that caused “monumental losses” for Porch.
Tag: Vesttoo
Aon Seeks Recovery as Vesttoo Bankruptcy Forces $197 Million Charge
Aon plc sees an opportunity to work on recoveries related to the bankruptcy process of insurtech Vesttoo Ltd. over time and is confident over recovering a “meaningful” amount, said its president.
Aon Calls for Clear Blue’s Lawsuit Over Vesttoo Fraud to Be Dismissed
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.
Loss Costs Drive Negative U.S. Personal Lines Outlook; DUAE Market Grows Despite Vesttoo Bankruptcy
High losses in both homeowners and auto lines prompted AM Best to maintain a negative outlook on the U.S. personal lines segment while the rating agency also maintained a positive outlook for the delegated underwriting authority enterprises segment, AM Best analysts said in a market outlook briefing.
Insurtech Vesttoo Cites Reorganization Effort as It Resists Creditors’ Motion to Allow Liquidation
As it seeks support for a reorganization plan amid bankruptcy proceedings, insurtech Vesttoo Ltd. is resisting a motion by it creditors to put it into liquidation.
Lloyd’s Updates LOC Guidance, Stresses Need to Check Validity
Lloyd’s has issued revised guidance for members and members agents on Tier 2 capital limits, which encompasses the use of letters of credit (LOC) in the marketplace and in it has stressed how important it is that LOC’s have their validity confirmed on a regular basis.
The Future of Fronting Companies in Property-Casualty Insurance: Part 2
Fronting companies in the property-casualty industry serve as intermediaries, enabling insurance companies to access otherwise inaccessible markets. They serve as a platform for insurance programs, managing policy issuance and claims administration. They often find market distribution sources in the Program Business Storefront Directory.
Court Approves Vesttoo to Seize $30M from Fraud Accused Co-Founders & Execs
According to a report in the Israeli media, the Tel Aviv District Court has approved Vesttoo to seize approximately $30 million in assets from its two ousted co-founders, as well as the persons that worked to source investors who have been implicated in the letter of credit (LOC) fraud scheme.
Vesttoo Seeks to Recover $200M+ from Co-founders Bertele & Lifshitz
Under-fire Israeli insurtech Vesttoo, which is at the heart of a letter of credit (LOC) fraud scandal, is now claiming hundreds of millions of dollars back from its two ousted co-founders.
Vesttoo Identifies ‘Pervasive and Systemic Misconduct’ by Limited Set of Execs and Third Parties
Insurtech Vesttoo has now filed its first interim report in the U.S. bankruptcy court for Delaware following its investigation into fraudulent letters of credit (LOC), and says that its scrutiny of the matter has identified that “pervasive and systemic misconduct was engaged in by a limited set of Vesttoo executives and other third-parties outside of Vesttoo.”