Vesttoo Archives - InsuranceAsia News https://insuranceasianews.com/companies_category/vesttoo/ Sun, 01 Sep 2024 04:10:54 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Aon’s White Rock sues China Construction Bank over Vesttoo fraud, claims US$140m https://insuranceasianews.com/aons-white-rock-sues-china-construction-bank-over-vesttoo-fraud-claims-us140m/ Fri, 30 Aug 2024 10:09:27 +0000 https://insuranceasianews.com/?p=161752 The lawsuit is another step to maximise recoveries for clients impacted by the Vesttoo fraud and make the bank accountable for the harm it has caused, Aon spokesperson told IAN.

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Aon's company White Rock Insurance has filed a lawsuit in New York against China Construction Bank over the Vesttoo fraud and claiming a minimum of US$140 million from the bank, Aon spokesperson told ...

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]]> China Construction Bank sued over Vesttoo fraud charges in US court https://insuranceasianews.com/china-construction-bank-hit-by-us-lawsuit-over-vesttoo-fraud-charges/ Fri, 10 May 2024 10:29:06 +0000 https://insuranceasianews.com/?p=153730 US company Porch accused the Chinese bank of enabling a “massive fraud” that caused “monumental losses” for the company, in a complaint filed to a New York court.

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China Construction Bank (CCB) is being sued over its role in the Vesttoo fake letters of credit scandal, according to a report by Reuters.
US insurance and home inspection software provider Porch Grou...

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]]> Vesttoo creditors seek to liquidate company and terminate all employees https://insuranceasianews.com/vesttoo-creditors-seek-to-liquidate-company-and-terminate-all-employees/ Tue, 24 Oct 2023 07:57:02 +0000 https://insuranceasianews.com/?p=137051 The troubled insurtech, which the creditors' motion said is "viewed as the Madoff of insurance", is to file a response and expects the Bankruptcy Court to rule in November.

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Vesttoo’s creditors are seeking to immediately liquidate the company and terminate all of its employees and are challenging the company’s exclusive right to file a plan of reorganisation.
 The committ...

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]]> Vesttoo investigation blames CEO, 3 senior execs, China Construction Bank and Standard Chartered staff for fraud https://insuranceasianews.com/vesttoo-investigation-blames-former-ceo-senior-execs-employees-of-china-construction-bank-and-standard-chartered-for-forgery/ Thu, 07 Sep 2023 14:38:24 +0000 https://insuranceasianews.com/?p=133901 Interim CEO says it plans to sue the former employees named in the report and the Chinese bank, according to a first interim report with the US court identifying the people behind the forged letters of credit.

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A Vesttoo investigation has confirmed that senior executives including former CEO Yaniv Bertele and chief financial engineer Alon Lifshitz acted with employees of China Construction Bank and Standard ...

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]]> Vesttoo files for Chapter 11 protection; board says no plans to liquidate https://insuranceasianews.com/vesttoo-files-for-chapter-11-protection-board-says-no-plans-to-liquidate/ Tue, 15 Aug 2023 02:08:51 +0000 https://insuranceasianews.com/?p=131925 The move will provide the Israeli insurtech protection from its creditors and breathing room to pursue legal actions, the company claims.

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Insurtech Vesttoo and its subsidiaries commenced Chapter 11 proceedings on August 14 in the US District Court of Delaware.
In a statement emailed to InsuranceAsia News, the scandal-hit Israeli company...

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]]> Vesttoo scandal contagion to curtail Asia business https://insuranceasianews.com/vesttoo-scandal-contagion-to-curtail-asia-business/ Thu, 03 Aug 2023 23:45:55 +0000 https://insuranceasianews.com/?p=130974 The fallout is unlikely to affect Asia cedents but could create capacity constraints for MGAs and reputational damage in the insurtech and ILS spaces.

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While the Vesttoo scandal contagion has hit Asia with the insurtech shutting its offices there and laying off the less-than-a-dozen employees it has in the region, the fallout isn’t likely to affect t...

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]]> Scandal-hit Vesttoo to close Asian offices: report https://insuranceasianews.com/scandal-hit-vesttoo-to-close-asian-offices-report/ Wed, 02 Aug 2023 04:50:50 +0000 https://insuranceasianews.com/?p=130868 The insurtech will close its Tokyo, Hong Kong and Seoul offices, and lay off around 75% of its global staff.

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Israeli insurtech Vesttoo is laying off about 75% of its staff and closing down some of its offices in Asia, a Reuters report said.
The company is in the middle of a scandal where fake letters of cre...

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]]> China Construction Bank at centre of Vesttoo US$4bn reinsurance collateral fraud: report https://insuranceasianews.com/insurtech-vesttoo-investigating-potential-fraud-report/ Thu, 20 Jul 2023 03:45:25 +0000 https://insuranceasianews.com/?p=129685 Forged letters of credit issued by the Chinese lender is revealed to have been used by investors for ILS transactions on the insurtech platform.

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This stor ywas updated to identify China Construction Bank as the lender on whose name the fraudulent letters of credit were issued. The bank was unnamed in the original story.
Fake letters of credit ...

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