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A Q3 listing remains a possibility, but the timeline can change rapidly amid storm season. -
Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
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The program includes all perils coverage and third-event protection.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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Layr claims its platform can help brokers serve up to 6x more small business clients.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
