Vesttoo
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The company said it had completed ‘Know Your Customer’ checks on all parties, as the alleged fraudulent LOC crisis continues. -
The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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The embattled ILS platform took the decision in an attempt to reassure its trading partners.
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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.
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This came after the firm said it had begun the process of moving its US E&S business off its Lloyd’s paper as it sets up a new E&S carrier.
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The ratings agency is currently in discussions with Clear Blue’s management regarding the company’s ability to replace certain programs or letters of credit.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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The agency said it will take rating actions where warranted.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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