Clear Blue sues Aon over alleged involvement in Vesttoo collateral fraud

04 December 2023

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Clear Blue has sued Aon in a Manhattan court, alleging the broker facilitated the fraudulent activity conducted by ILS InsurTech Vesttoo, which provided letters of credit (LOCs) as collateral to Aon’s ILS transformer platform White Rock.

The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on Vesttoo, and that it falsely represented each insurance and reinsurance transaction as fully collateralized and compliant.

“Aon/Aon

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Clear Blue sues Aon over alleged involvement in Vesttoo collateral fraud

Clear Blue has sued Aon in a Manhattan court, alleging the broker facilitated the fraudulent activity conducted by ILS InsurTech Vesttoo, which provided letters of credit (LOCs) as collateral to Aon’s ILS transformer platform White Rock.

Fuel a smarter strategy with our actionable market intelligence

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Clear Blue sues Aon over alleged involvement in Vesttoo collateral fraud

Clear Blue has sued Aon in a Manhattan court, alleging the broker facilitated the fraudulent activity conducted by ILS InsurTech Vesttoo, which provided letters of credit (LOCs) as collateral to Aon’s ILS transformer platform White Rock.

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Fuel a smarter strategy with our actionable market intelligence

Topics

Swiss Re names Weissman CEO at ILS platform, Guatteri to focus on CIO role

Chubb raises $150mn cyber bond agg limit after testing investor appetite

Plenum’s Dynamic Cat Bond Fund expands to $500mn from $200mn a year ago

Retro writers face steep price falls as hard market dynamics collapse

Al Wathba first UAE insurer to access Lloyd’s via London Bridge Two PCC