Vesttoo

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".

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.

The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.

The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.

The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor.

Howden Tiger worked on the structure of the deal with the unnamed syndicate.

The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.

The marketing executive previously worked at iCapital and Fitch.

The executive will build out Vesttoo’s capital markets team in the region.

The former analyst at Aeolus joins the growing number of ILS experts to join the firm.

The company will use the funds to expand its global presence, enhance its marketplace platform and widen its offering.