Vesttoo

Bermuda court allows White Rock’s JPLs to remove Vesttoo settlement objections

The Supreme Court of Bermuda has authorised the joint provisional liquidators to Aon’s White Rock to withdraw their objections to Vesttoo’s liquidation plan and settlements with cedants.

Vesttoo Chapter 11 plan approved by Delaware bankruptcy court

The unsecured creditors of Vesttoo have secured approval from the US bankruptcy court for the District of Delaware for their modified and amended combined disclosure statement and Chapter 11 plan for the liquidation of the scandal-hit insurtech.

Court dismisses Vesttoo claim for damages against co-founders: report

The Tel Aviv District Court has dismissed insurtech Vesttoo's initial claim for damages against its ousted co-founders Yaniv Bertele and Alon Lifshitz, according to a report from local Israeli media.

Vesttoo creditors committee and Clear Blue agree settlement over $10mn funds

Fronting carrier Clear Blue has agreed to support the plan proposed by the official committee of unsecured creditors in the Vesttoo bankruptcy case to wind down and liquidate the failed insurtech, after reaching a settlement in relation to around $10mn of cash held in debtor vehicle Vesttoo Bay XIV Limited.

Vesttoo creditors turn to mediation to solve liquidation dispute

The creditors in Vesttoo’s Chapter 11 bankruptcy case have turned to mediation in an attempt to resolve the consolidation and division of the beleaguered insurtech’s estate.

Aon expects “meaningful” recovery on $197mn Vesttoo charge

Aon president Eric Andersen has told analysts that the firm expects to recover a “meaningful” amount of the $197mn gross Vesttoo settlement reserve it put up in its Q4 results, which missed Wall Street earnings per share (EPS) forecasts.

Aon delivers 7% organic growth and sets up $197mn Vesttoo reserve

Aon showed continued momentum in Q4 with organic growth of 7 percent – including a big reinsurance contribution – while it also set up a $197mn Vesttoo reserve that is expected to cover business agreements and settlements as it works with carriers, MGAs and other trading partners to draw a line under the affair.

Vesttoo creditors rail against late-arriving Chaucer in bankruptcy proceedings

The official committee of unsecured creditors in the Vesttoo Chapter 11 bankruptcy proceedings has filed requesting the court to deny “last-minute requests” by Chaucer, which it claims are aimed at taking for itself “a large portion of the debtors’ remaining cash”.

Vesttoo seeks to have Chapter 11 cases dismissed and insolvency proceedings filed in Israel

Beleaguered insurtech Vesttoo last week filed in the Delaware Bankruptcy Court to have Chapter 11 cases brought against it and its affiliated debtors dismissed to enable “more efficient” insolvency proceedings to be filed in Israel.

Porch agrees $30mn deal with Aon, releases broker from Vesttoo claims

Porch Group has inked a “strategic business agreement” with Aon Corp and Aon Re in which the broking businesses will pay the home services software firm up to $30mn in a deal which also sees all Vesttoo-related fraud claims between the companies dropped.

Chaucer files $257mn claim against Vesttoo in bankruptcy case

Chaucer has formally added its name to the list of Vesttoo creditors with the China Re-owned specialty (re)insurer having filed a claim against the insurtech for $257.1mn.

Aon given until 31 January to respond to Vesttoo-linked Clear Blue lawsuit

A New York judge has extended the deadline to 31 January for Aon to respond to the lawsuit filed against it by fronting carrier Clear Blue in late November in relation to the Vesttoo collateral scandal.

The 12 themes of 2023 – Part 2

The Insurer’s editorial team chooses 12 of the most significant events or trends that emerged in 2023. In our second instalment we look at a pair of major industry frauds, booming ILS issuance, insurtech layoffs and the growing interest in parametrics…

Headwinds and adverse headlines cast shadow over MGA sector despite growth

Any scene-setting thematic article on the MGA and programs sector at the start of 2023 would have looked at topics such as capacity challenges, the evolution of the fronting sector, M&A and the growth trajectory in the delegated underwriting authority space. But instead it was a scandal from the left field that became the biggest headline of the year.

Clear Blue sues Aon over alleged role in Vesttoo collateral scandal

Clear Blue has sued Aon in a New York court over the broker’s involvement in allegedly facilitating the Vesttoo collateral scandal, an event the fronting carrier described in the lawsuit as “one of the most mendacious, colossal, and broad-reaching frauds since Charles Ponzi and, more recently, Bernie Madoff, burst onto the scene”.

Vesttoo remains in Chapter 11 after Delaware court denies US Trustees’ motion

Beleaguered insurtech Vesttoo remains in Chapter 11 after the Delaware court in which its bankruptcy case is being heard denied a motion from the US Trustees to convert the legal action to Chapter 7 and speed up the Israeli firm’s liquidation.

Markel takes $25mn Vesttoo LOC-related charge in Q3

Markel has booked a $25mn credit loss related to a fraudulent $50mn letter of credit for reinsurance that was secured through Vesttoo, the company revealed in its third quarter 2023 10-Q filing.

Vesttoo hits back at unsecured creditors’ bid for early termination of court procedure

Vesttoo’s unsecured creditors have sought early termination to the exclusivity period granted to the insurtech – described in the filing as “the Madoff of insurance” - to formulate a “dead-on arrival” reorganization, with the Tel Aviv-based company countering that such a move would deprive it of its statutory rights.

Vesttoo bankruptcy court grants motion allowing discovery against Aon and White Rock

The US court overseeing Vesttoo’s Chapter 11 bankruptcy proceedings has granted a motion filed by the official committee of unsecured creditors for leave to conduct discovery against Aon and White Rock and extended the deadline for response to the end of the month.

Creditors in Vesttoo bankruptcy case request legal discovery on Aon

The committee of unsecured creditors in Vesttoo’s Chapter 11 bankruptcy case have filed a request to conduct legal discovery on Aon and a number of its units, including Bermuda-based segregated cell platform White Rock.

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