Estimates: Vesttoo on its way to dissolution amid the forged LOC’s scandal; CEO Yaniv Bertale put on leave. Amid the forged guarantees scandal, speculations are growing that Vesttoo a company specializing in reinsurance mediation, is heading towards dissolution. Vesttoo has been involved in facilitating insurance transactions converting secondary insurance into financial instruments for the capital market, thus expanding the global capacity of the secondary insurance market. About two weeks ago, it was revealed that guarantees presented by one of the investors involved in a transaction brokered by Vesttoo were seemingly forged. The company promptly initiated an immediate investigation to assess…
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Vesttoo launches VESCOR and first non-catastrophe P&C investment grade notes (PRNewsfoto/Vesttoo)
Vesttoo, a AI-based global alternative risk transfer and investment platform, announced today the launch of VESCOR, a strategic partnership with Corinthian Re, that will offer the world’s first non-catastrophe insurance investment-grade rated feeder fund. The new partnership will offer institutional investors rated notes securitizing dozens of underlying P&C reinsurance transactions. The first note issued will cover over $250 million in Gross Written Premiums (GWP), with an aim of covering $2 billion GWP in subsequently issued notes. The partnership is targeting its initial investment-grade rating for issued notes by one of the world’s leading rating agencies. Vesttoo launches VESCOR and first non-catastrophe P&C investment grade…
By Rita Baal-Taxa VP Strategy & Partnerships, Vesttoo The insurance industry has been developing fast in the past few years. Companies have been focused on growth and increasing their Gross Written Premiums (GWP), but are facing increasing challenges such as tough competition, a low interest rate environment, growing customer expectations and regulatory scrutiny. New Insurtech players are entering the market, offering innovative services and cutting edge digital tools in order to overcome these challenges. These new tools and services fall into three main categories: An easy, intuitive and user-friendly purchase process from the initial offering until…
A new investment entity in the insurtech sector is starting out. SureTech, headed by former Clal Insurance Chairman Danny Naveh as Chairman of the partnership, is a limited partnership, which is currently acting to raise 36 million dollars. Additional directors – Dikla Wagner, Shuki Cohen Sharett CPA, Ido Ben Shitrit and Uzi Baruch CPA * Serving as CEO of the partnership will be Dan Tzror and as CFO and Business Development director – Doron Gedaliahu. SureTech has so far invested in two companies in the insurtech sector – Vesttoo – with an investment of 2 million dollars on a valuation…