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Deals would need to be sized at $50mn plus for transfer to capital markets. -
The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The company plans to launch in New York and New Jersey next year.
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The company said the reduction was due to years of steady improvements.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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A Q3 listing remains a possibility, but the timeline can change rapidly amid storm season.
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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
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The program includes all perils coverage and third-event protection.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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Layr claims its platform can help brokers serve up to 6x more small business clients.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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Farmers’ agents in Florida will be offered an appointment with Slide. Renewals issued by Slide will begin for February 2024 effective dates.
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
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Ola Jacob's role at Descartes will focus on expanding the firm's parametric insurance offering in the London market to corporates exposed to climate risks across the globe.
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The additional funding brings Kin’s series D total to $142mn, and its overall equity funding total to $265mn.
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The company also said that it has secured the replacement of all reinsurance on its ongoing portfolio of business through third-party reinsurers and an affiliated reinsurer.
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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
