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The pension fund is seeking a strategy with “low or negative correlation to public equity”. -
Greg McBride joins the firm after nearly 18 months at Mt Logan Re.
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The embattled ILS InsurTech said its investigation into fraudulent letters of credit used as collateral in the company’s transactions was in “advanced stages”.
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Demex said its RCR Re platform enables cedants to buy reinsurance for secondary peril risks that aggregate over time.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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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 domestic carrier will write homeowners’ multi-peril business, according to filings which also detailed that $300,000 of the initial capital will be used to complete the statutory deposit requirement.
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The process is being initiated to facilitate restructuring and “provide breathing room” to pursue legal actions against all parties responsible for damages caused to the company, Vesttoo said.
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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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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.
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The incoming CEO said initial recommendations from investigators had been adopted in full.
