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White Rock’s petition to the New York Southern District Court stated that, "on information and belief, Vesttoo intends to remove all or substantially all funds from its US bank accounts”. -
The reinsurer’s large loss cession ratio was 17%, up from 12% in H1 2022.
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The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
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The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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New CEO Ami Barlev – who has a background in tech, AI, comms and real estate – said he took the role at an “extremely difficult moment” for the InsurTech.
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The group is looking to grow in Florida and has applied for a November take-out of 75,000 policies from Florida Citizens.
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As part of a restructuring, Vesttoo is liquidating its collateralized insurer in Bermuda, but continues to operate its branches in New York, London and other territories.
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A total of 10 events caused more than $1bn in losses each.
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In total, nat cat events triggered A$1.26bn of losses for the year, $97mn above the group’s allowance of A$1.16bn.
