Aon
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case. -
Data from the broker indicated that around 70% of global losses were driven by SCS, with events in the US causing $35bn of insured losses over H1.
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The supply-demand dynamics are all pointing in ILS markets’ favour, so long as hurricane season goes quietly.
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Outside the cat bond segment, Aon said it was observing rising sidecar interest, putting volumes at $7.1bn from $6.4bn the prior year.
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The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.
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The broker has also appointed Paul Shedden as head of advanced risk analytics for its Risk Capital business.
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The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.
