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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors. -
The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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E&S specialty MGA Velocity is launching an E&S carrier after receiving an AM Best rating of A- (Excellent).
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The programme was "oversubscribed on all dimensions”, the company said.
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The platform will connect MGAs with capacity from a wide range of providers.
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The reinsurance tower protects the company to the 185-year return period, reduces retention to $5mn, includes all perils coverage, multi-year and third event protection.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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The business will have insurance management and reinsurance transformer subsidiaries.
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It is understood that the company has mandated Nomura to raise the risk capital.
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New brand H2’s first product is a policy management system that lets investors have access to their collateral accounts and other analytic data.
